SEOUL — South Korea’s Hyundai Motor Co. laid out its U.S. sales turnaround plan on Monday with an expanded lineup of crossover utility vehicles after posting its biggest quarterly profit jump in seven years.
The automaker forecast its U.S. market share to begin rising again from this year, targeting a year-end share of 4.2 percent versus 3.9 percent last year, with sales of its upgraded Palisade CUV starting from the second half. It aims for a U.S. share of 5.2 percent by 2023.
Solid performance at home and in the United States in the three months through June helped offset a sales slump in China, where a slowing economy, trade war with the U.S. and a lack of competitive models prompted the automaker to suspend production at its oldest factory earlier this year.
To maintain momentum in the United States – its biggest overseas market – Hyundai said it plans to boost the proportion of CUVs in its U.S. lineup to 67 percent in 2023 from 51 percent in 2019, as it works to catch…