Hyundai bullish on US market prospects
Research indicates that young Americans are more inclined to buying the Korean company's cars.
John Krafcik, Hyundai Motor America vice president for product development and strategic planning, said that the number of US car shoppers who indicated that they would consider Hyundai had more than doubled to 23 percent currently from 11 percent in 2003. He told Reuters that among Americans between 16 and 24 years old, a coveted market segment, Hyundai had a higher rate of consideration than its far larger rival Toyota. The company based its findings on consumer attitudes on data from two outside research firms: Allison-Fisher and CNW Marketing Research.
Hyundai posted 26 percent annual growth between 1998 and 2005, making the automaker the fastest to go from sales of 100,000 units per year to 400,000. The company has been taking share in a flat US market and its gains have been closely watched by both the Big Three US manufacturers and Japanese automakers.
Hyundai is planning to launch a rear-wheel drive high-performance car – either a sporty coupe or a premium sedan – and would like to enter the increasingly crowded market for pickup trucks, Krafcik told Reuters.
RELATED ARTICLES
Kia displays EV5 and Sonet SUVs for Chinese market
Kia has unveiled a number of key models and new technologies for Chinese customers at the 2024 Beijing International Aut...
Nissan targets growth in China, unveils four NEV concepts at Beijing Motor Show
The two EVs and two plug-in hybrids are a joint effort with Nissan’s local partner Dong Feng and aimed to better address...
Lamborghini unveils Urus SE ahead of Auto China 2024
Electric-only range of 60km helps reduce emissions by 80%.