The Korean automaker says its current-generation midsize sedan is maintaining its position in the market, despite low supply and incentive spending.
Current Sonata (above) to be replaced by all-new model next year.
SUPERIOR TOWNSHIP, MI – The next-generation ’15Sonata will debut at April’s New York auto show.
Motor America CEO John Krafcik makes the announcement here today at a preview for the Los Angeles and Detroit auto shows.
Krafcik touts the resilience of the midsize Sonata in the face of newer competitors.
“In theory this product should be old and stale,” he says, but the car has one of the lowest days’ supply in its segment.
Sonata had a 42-day supply at the end of last month, vs. 60 days for the Chevrolet Malibu and Kia Optima, and 100 days for theAltima, according to WardsAuto data.
Hyundai has adjusted Sonata output at its Montgomery, AL, plant to keep inventories in check and meet higher demand for the hotter Elantra compact car.
The Hyundai sedan also has one of the lowest incentive levels among midsize 4-doors in the U.S., at $2,203, compared with a $2,574 industry average in October, according to independent data cited by the automaker.
Despite its advanced age, Hyundai is updating the car for ’14, adding features such as ventilated seats and a full leather steering wheel.
Meanwhile, Krafcik maintains Hyundai’s longstanding position against adding more capacity.
“We want to make sure our quality and all of our systems are in place and robust. We are very, very serious about that,” he says.
He does admit it’s tough to see Hyundai’s market share decline this year, but points to record volume in nearly every month in 2013 as a reason not to panic.
Other than the Sonata, Hyundai will be launching two other production cars in the first half of next year, the next-generation Genesis luxury sedan, which will make its U.S. debut at January’s North American International Auto Show in Detroit, and a hydrogen fuel-cell version of the Tucson CUV being detailed at next week’s Los Angeles auto show.