Hyundai Motor Company has kickstarted a sales rebound in South Korea with the launch of the all-new Palisade in January. The company is now ramping up production and aims to sell over 4,000 units per month, raising industry expectations on whether this model can reverse Hyundai’s domestic sales slump.
Strong Start for the New Palisade
According to industry reports, Hyundai sold 1,234 units of the new Palisade in January. The company officially began deliveries on January 15, marking the start of full-scale sales.
This latest iteration is Hyundai’s first full-model change since the Palisade’s debut in November 2018. The new version has already garnered significant attention, securing over 45,000 pre-orders during its pre-sale phase in December 2023.
Key Features of the 2024 Palisade
The all-new Palisade boasts several standout features that contribute to its popularity:
- Bold and Grand Exterior Design: A commanding road presence with a refreshed look.
- Spacious Interior: Designed for maximum comfort and functionality.
- Flexible Seating Options: Available in 7-seater and 9-seater configurations.
- Next-Gen Hybrid System: Hyundai’s first-ever hybrid system for the Palisade, offering enhanced fuel efficiency and performance.
Sales Projections and Production Expansion
In 2023, Hyundai sold 20,967 units of the Palisade, but the introduction of the new model is expected to drive significant growth. With over 45,000 units already pre-ordered, Hyundai anticipates achieving monthly sales exceeding 4,000 units starting in February.
The automaker has set an ambitious domestic sales target of 58,000 units for 2024. To meet this goal, Hyundai will need to maintain an average monthly sales volume of approximately 4,800 to 4,900 units.
Hyundai Accelerates Production
Internally, Hyundai is committed to increasing production capacity for the new Palisade. For the first time, Hyundai’s management and labor representatives jointly attended the new Palisade’s launch event on January 14. They pledged to maximize production, ensure timely delivery, and uphold top-tier quality standards.
The company has also designated its Ulsan Plants 2, 4, and 5 for Palisade production. To support this, Hyundai conducted facility upgrades at Ulsan Plant 5’s production line from January 25 to February 2 during the Lunar New Year holiday period.
Future Outlook: Hybrid Model to Boost Sales Further
Industry experts predict that the new Palisade’s strong reception will significantly contribute to Hyundai’s domestic sales recovery. Additionally, the hybrid version of the Palisade, set for release in Q2 2024, is expected to further drive sales growth in the latter half of the year.
With its upgraded design, enhanced features, and strategic production expansion, the all-new Hyundai Palisade is set to be a game-changer in the South Korean SUV market. As demand continues to rise, Hyundai is well-positioned to achieve its ambitious sales targets and reclaim its dominance in the domestic automotive industry.
