South Korea's largest automaker, introduced the Veracruz sport utility vehicle Thursday as it aims to win more sales in the United States by adding premium models.
The automaker plans to sell 50,000 Veracruz SUVs in the United States a year, half its overall sales target, the Seoul-based company said in an e-mailed statement.
The SUV, which has a 3.0 liter diesel engine, costs between 32 million won ($33,000) and 41 million won. It goes on sale in South Korea beginning today.
Hyundai is relying on the Veracruz to revive its sales growth in the United States, the world's largest auto market.
The company has also reshaped its U.S. management this year, as it seeks to change its image from a maker of low-cost models, such as the Sonata sedan and Santa Fe SUV, to a premium brand carmaker.
"Hyundai is trying to tap into a major segment of the U.S. auto market with the Veracruz," said Kim Hag Ju, a head of research at Samsung Securities Co. in Seoul. "It'll be the first step for the company to form its premium brand image if the model becomes successful."
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