Hyundai Motor Shines with 'New Car Effect' Amid COVID-19 Crisis

Strong Domestic Market Performance with Grandeur and GV80... New SUV Models to Launch One After Another in the Second Half

The New Hyundai Grandeur (Photo by Hyundai)

[Asia Economy Reporter Kim Ji-hee] "In the second half of this year, we will continue to maximize the new car effect by launching new models such as the full change of the Tucson, Genesis GV70, and facelift versions of the Santa Fe and Kona."

Hyundai Motor Company benefited significantly from new car sales in the first quarter of this year despite the COVID-19 crisis. While overseas automobile markets froze, new models released continuously since the end of last year performed well in the domestic market.

According to industry sources on the 2nd, Hyundai's domestic sales in March recorded 72,180 units, a 3% increase compared to the same period last year. This figure represents an 83.7% surge compared to February, when COVID-19 rapidly spread in Korea.

In particular, the strong performance of the Grandeur released at the end of last year stands out. In March, 16,600 units of the Grandeur were sold, a 57.6% increase compared to the same period last year, solidly supporting Hyundai's performance. Notably, the Grandeur's sales represent the highest monthly sales volume ever recorded in the domestic automobile market. The Genesis brand's first sports utility vehicle (SUV), the GV80, launched earlier this year, also recorded 3,268 units sold, accounting for more than half of the brand's total sales.

Although Hyundai's recently released new models continue to show strong performance, the actual popularity of these models is considered to be even greater than the numbers suggest. This is because there is a considerable waiting period from contract to delivery for the Grandeur, Genesis GV80, and the recently launched new G80. The number of Grandeur units delivered is about half of the cumulative contracts, making a waiting period of over three months inevitable.

For the Genesis GV80 and new G80, which were released consecutively this year, demand surged from the pre-order stage, and there is even talk that contracts for this year's deliveries have already been completed. Hyundai is making every effort to reduce delivery waiting times by conducting overtime work on production lines for popular models.

Despite the prolonged COVID-19 situation, Hyundai plans to respond to the market by continuing to launch new models in the second half of the year. In particular, expectations are high as new SUV models, which have recently gained popularity, are scheduled to be released in the second half of this year.

An industry official said, "Since Hyundai's representative volume models are scheduled to be released with full changes or facelifts in the second half of the year, the new car effect is expected," adding, "As long as there are no setbacks such as production disruptions caused by COVID-19, there is a good chance of success."

This content was produced with the assistance of AI translation services.