May 08, 2024

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[THE INVESTOR] Hyundai Motor, South Korea’s largest automaker, is planning to launch the second-generation Veloster coupe in November, according to Newspim on March 28.

The Veloster, first coupe model that the automaker introduced in 2011, will make a comeback equipped with turbocharged engine and a wide range of customized models with variation. 

The couple-styled hatchback is the first vehicle developed under the “Premium Youth Lab,” a sub-brand launched by Hyundai Motor Group Vice Chairman Chung Eui-sun to target young consumers in their 20s to 30s. Hyundai’s i30 and i40 are also marketed under the brand.

Chung’s ambitious project, however, has faced weak sales since its introduction in 2011, raising the possibility that it could discontinue the brand for good.

The three models started out with selling 30,718 units in 2012, but dropped to 19,162 in 2013, 11,771 units in 2014, 6,695 in 2015 and fell to 4,367 units in 2016. Veloster only sold 635 units last year.

However, Hyundai has decided to revive the “PYL” brand, by launching the new Veloster this year, considering consumers want a wide range of car models, including the wagon and hatchback.

This year, Hyundai is also planning to launch high-performance car i30N hatch under the automaker’s new N performance brand.

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