Hyundai is planning to enter the U.S. commercial vehicle market and introduce new premium vehicles here and in Europe as part of a $1.8 billion push to expand its global operations.
According to Reuters, Hyundai’s share of the global commercial market outside of China is slightly above 2%. Hyundai’s retail market share in the U.S. slipped in 2014 as customers were drawn to lineups featuring larger trucks and SUVs–segments not saturated by Hyundai and sister company Kia.
According to Reuters, Hyundai’s share of the global commercial market outside of China is slightly above 2%. Hyundai’s retail market share in the U.S. slipped in 2014 as customers were drawn to lineups featuring larger trucks and SUVs–segments not saturated by Hyundai and sister company Kia.
To support this push, Hyundai is investing in expanded production of vans, trucks and buses–the market for which the automaker expects to grow as much as 30% annually for the next five years. Hyundai plans to grow output in its Jeonju facility 54% by 2020.
The automaker also announced plans to introduce premium vehicles in the United States and Europe, but did not provide details.
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