April 25, 2024

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[THE INVESTOR] Hyundai Motor is mulling to pull out its signature luxury sedan Azera, sold under the name Grandeur in Korea, from the US market due to sluggish sales for years.

“We are not planning on selling the new sixth-generation Grandeur in the US,” a Hyundai official said. “We will also consider withdrawing the Grandeur brand in the US market later on.”
 

The new sixth-generation Grandeur released in South Korea in November.

If the decision is finalized, the Azera brand will be exiting from the all-important US market since its debut 16 years ago.

The car sales peaked in 2006 with an annual 27,000 unit sales. But the figure has sharply declined in recent years. Last year, the car sold 5,500 units.

Industry watchers say the Azera has failed to grab market attention as it is positioned in-between the popular Sonata and the luxury Genesis models.

As of October, Hyundai has sold 4,134 units of the Azera in the US this year, while Sonata and the Genesis G80 sold 170,243 units and 21,635 units, respectively.

The automaker, however, plans to continue sales of the Grandeur in other countries, including in the Middle East.

By Ahn Sung-mi (sahn@heraldcorp.com)