Hyundai Motor Company and Kia are gearing up to boost sales by the end of the year with new pickup trucks and SUVs. They plan to capture both profitability and sales through the effects of these new models.
On the 29th (local time), Kia unveiled its first pickup truck, the “Tasman,” at the 2024 Jeddah International Motor Show in Saudi Arabia. The Tasman underwent over 18,000 tests of 1,777 types over four years across various regions, including Korea, the U.S., Sweden, Australia, and the Middle East, focusing on off-road specifications, durability, ride & handling, trailing stability, and water fording capabilities.
The Tasman is equipped with a 2.5-liter turbo gasoline engine coupled with an 8-speed automatic transmission, delivering a maximum output of 281 horsepower (PS). Kia plans to launch the Tasman in the domestic market in the first half of next year, followed by releases in global markets such as Australia, the Middle East, and Africa.
Continuing the wave of large SUV announcements, Hyundai will introduce a completely redesigned Palisade in December. This second-generation model comes six years after the first generation was released in 2018. The most notable change in this new generation is the absence of a diesel engine and the introduction of a hybrid model, utilizing Hyundai Motor Group’s next-generation hybrid system, TMED-II.
Despite a temporary stagnation in demand for electric vehicles, Hyundai continues its large electric SUV releases. Next month, Hyundai will attend the LA Auto Show in the U.S. and unveil the Ioniq 9 for the first time. The Ioniq 9 is based on the concept vehicle “Seven” showcased at the LA Auto Show in November 2021, and it will be produced using the same E-GMP platform as Kia’s EV9. The Ioniq 9 is expected to use SK On’s new 99.8 kWh battery, and production is planned at Hyundai’s currently trial-operating factory in Georgia, USA.
In the automotive industry, the second-generation Palisade and Ioniq 9 are expected to gain significant popularity in both domestic and North American markets. The U.S. market traditionally favors SUVs and larger vehicles. Additionally, Kia plans to release an enhanced model of the mid-size SUV, the “New Sportage,” by the end of the year.
Hyundai and Kia are releasing three SUVs by the year-end due to profitability concerns. SUVs, priced relatively higher than regular sedans, are categorized as high-value models alongside hybrid vehicles. Hyundai and Kia aim to reverse the seasonal downturn in the automotive industry during the fourth quarter by launching new SUV models.