May 03, 2024

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[THE INVESTOR] Hyundai Motor’s market share in sports utility vehicle segment in US has risen to a record high of 3.7 percent as of November, since it entered the market in 2000, industry sources said on Dec. 16.

The South Korean auto giant sold a total of 271,377 units of SUVs, between January and November, a 14.1 percent increase from the same period last year.

Hyundai’s SUV market share headed downwards in recent years after reaching a peak of 3.6 percent in 2009. The figure hit the bottom with 2.7 percent in 2015, and rebounded to 3.1 percent in 2016 and 3.3 percent last year.

Two Hyundai SUVs, Tucson and Kona, have led the growth by selling 126,916 units and 38,771 units, respectively, data showed.

The US auto market has showing a sign of slowing growth, but the SUV sector has showed a steady growth. Around 7.43 million units were sold last year, 2.5 times more than 2.91 million units sold in 2009.

Hyundai’s weak SUV lineup has been blamed for its slowing performance in US, but the company plans to target the market with The Palisade, a large SUV it launched last month. The first shipment of The Palisade is likely to reach in US by 2019 summer.

By Cho Chung-un/The Korea Herald (christory@heraldcorp.com)