USA: Hyundai betting on sedans for profitability this year

The Korean carmaker wants to achieve "double-digit growth" this year with the two models.

According to media reports, while SUVs continue to be a significant player in the automotive market, Hyundai believes there is still room for traditional sedans. Reports state that Hyundai, which recently updated its Elantra & Sonata models in the US, could bring in more profitability for the company.

The Korean carmaker wants to achieve "double-digit growth" this year with the two models. Jose Munoz, CEO of Hyundai Motor North America, even confirmed that the carmaker will ramp up production of the two sedans as they will be a "key factor for profitability" this year.

The new Hyundai Elantra went on sale in the US market in fall 2023. The company, since launch, has delivered just 6,900 units - 20% down from the same month last year. The Elantra is priced at $22,775 for the base-spec, while the range-topping N model costs $34,850.

Similarly, Hyundai also recently updated the Sonata in the USA. The larger sedan also comes with a striking design and is priced between $28,650 - $38,350. The carmaker delivered only 3,121 units of the Sonata last month - a 36% decline compared to January 2023.

Munoz stated, "We are not trying to overproduce, but we're losing some sales because the dealers don't have the trims, the versions, that they would like to, so we're very mindful of that."

Source: AutomotiveNews