Hyundai Boosts Its Profit Thanks To New SUVs, More Are Coming

Hyundai has announced a 26 percent increase on its operating profit for the first half of 2019, mainly thanks to the introduction of new SUVs like the Palisade and the Kona.

The Korean automaker wants to maintain its newfound momentum in the market, particularly in the US. Hyundai is planning to offer in order to catch up with the market’s demand.

Genesis confirmed that it will offer its first SUV in the market before the end of this year, while Hyundai will also launch the subcompact Venue in the US this fall with a sub-$20k starting price.

Also Read: Hyundai SUVs Welcome Venue Into The Family In Epic Launch Video

The new Hyundai Venue will sit underneath the Kona in the range and will be offered with a naturally aspirated 1.6-liter four-cylinder paired to either a six-speed manual or a CVT gearbox. All versions come with front-wheel drive only.

Hyundai’s strong performance in Korea and the States comes despite the continued slowdown in global economic growth, helping the company offset a sales slump in China due to the combination of the trade war with the U.S. and a lack of locally competitive models, Reuters reports.

Euisun Chung, Hyundai’s executive vice chairman and future chairman of the Korean car maker, is seen as the man behind the company’s revival. Chung has performed a sweeping reshuffle in Hyundai, bringing in many foreign executives, at a company that was dominated by Koreans.