South Korean-based Hyundai announced it’s making a big push in the commercial vehicle market, and published reports indicate it plans to introduce a van model into the U.S. market.
Trucking Info reported that Hyundai announced it will invest $1.8 billion over the next six years to expand its research and development in the commercial vehicle market, as well as vastly increase its production of commercial vehicles. Hyundai’s current global market share of commercial vehicles is only about 2.1%. It is reported to be aiming at both developed and developing markets.
According to a published reports from Reuters and other sources, Hyundai, in a statement on Monday, also said it plans to introduce “premium models in North America and Europe.” However, no other details or a time frame were forthcoming.
The U.S. market has seen increasing popularity of Euro-style cargo vans, with models such as the Ford Transit and Ram ProMaster joining Daimler’s Sprinter. Last fall at the bi-annual IAA commercial vehicle show in Germany, Hyundai unveiled its H350 light commercial vehicles, which it plans to start building in Turkey in March to enter the Western European market.
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