SEOUL, Jan. 6 (Korea Bizwire) — Hyundai Motor Co. said Monday that it sold over 50,000 Palisade sport utility vehicle models in the domestic market last year, helping buoy the carmaker’s annual sales.
For the whole of 2019, 52,299 Palisades were sold here following its launch in January, Hyundai sales data showed.
Some potential SUV buyers chose the flagship Palisade over the midsize Santa Fe SUV last year amid concerns of cannibalization, or competition between models from the same carmaker.
But the flagship Palisade’s higher prices than the Santa Fe’s helped the company’s bottom line. Hyundai’s earnings results for 2019 are scheduled to be released later this month.
In 2019, nine models — Hyundai’s Palisade, Santa Fe, Grandeur sedan, Sonata sedan and Avante compact and its affiliate Kia Motors Corp.’s Carnival van, Sorento SUV, K7 sedan and Morning minicar — sold over 50,000 units per model domestically.
Hyundai and Kia, the country’s two biggest carmakers by sales, sold a combined 7.19 million autos in global markets last year, missing their annual sales target of 7.55 million units.
This year, they are aiming to sell 7.54 million autos by launching several all-new models in major markets.
The new models include the GV80 SUV and G80 sedan to be launched under Hyundai’s independent Genesis brand in the first half of 2020 and Hyundai’s Tucson SUV and Kia’s Sportage SUV and Carnival van to be released in the second half.