Daijiworld Media Network - Seoul
Seoul, Apr 20: Hyundai Motor, South Korea’s top automaker, announced that cumulative sales of its flagship Palisade SUV in the United States have crossed the 500,000-unit mark, highlighting the model's strong traction in the world’s most competitive SUV market—even as global automakers grapple with rising trade tensions and looming US tariffs.
According to Hyundai’s latest sales data, the Palisade has sold 506,425 units in the US as of March-end. First launched in the American market in 2019, the premium SUV has become a key player in Hyundai’s push to expand its footprint in North America. In 2024 alone, roughly two-thirds of the model’s global sales amounting to 165,745 units were registered in the US.
“The US remains the most competitive and vital SUV market globally,” the company said, adding that it plans to strengthen its SUV portfolio in the region with models such as the Tucson, Santa Fe, and Palisade.
Hyundai is gearing up to launch the second-generation Palisade in the US in the second half of 2024, following its domestic rollout in January. The new model will offer a 3.5-liter gasoline engine and a 2.5-liter turbocharged gasoline hybrid engine, with additional variants including the hybrid-powered Palisade and an XRT Pro off-road edition tailored to American preferences.
According to data from MarkLines, a leading auto sales data firm, SUVs and other multipurpose vehicles dominated the US auto landscape in the first quarter of 2024, accounting for 78 percent of the 4.02 million vehicles sold.
Hyundai’s overall US sales rose 10.1 percent year-on-year during the January-March period to reach 203,554 units largely driven by its strong SUV lineup.
Looking ahead, Hyundai has signaled aggressive growth in both hybrid and electric segments. At its CEO Investor Day in August 2023, the automaker announced plans to double its hybrid lineup to 14 models by 2030, while expanding its EV portfolio from six to 21 models. The company maintains its ambitious target of selling 2 million EVs globally by 2030, despite a temporary slowdown in the electric vehicle sector.
However, Hyundai's forward march in the US could face headwinds due to policy shifts. President Donald Trump’s recent decision to impose 25 percent tariffs on imported vehicles has sparked concerns among foreign automakers, including Hyundai, whose US-bound production could face increased costs.
With trade tensions escalating, Hyundai’s ability to navigate regulatory changes while maintaining competitive pricing will be key to sustaining its momentum in the crucial US market.