Hyundai Motor on Monday said it intends to launch a car aimed at the US premium segment next year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to Reuters, Hyundai is targeting the global luxury car market in a bid to upgrade its image and convince the public that the company does not just make economy cars.
“We will launch the ‘BH’ in the first half of 2008 in South Korea and will begin to sell the premium sedan in the United States, the major export market for the model, late 2008,” Hyundai spokesman Jake Jang, referring to the car’s code-name, told the news agency.
The new model, which Hyundai hopes will compete with Lexus, will have a V8 engine, he reportedly added.
Hyundai aims to sell about 20,000 units of the BH in the United States a year, another Hyundai official told Reuters, while declining to comment on the local market target.
Hyundai needs to add premium models, which carry higher margins, to its line-up to boost profits amid unfavourable business conditions such as a stronger won currency and weaker domestic demand, analysts have told Reuters.
