Hyundai to Release More SUVs to Boost Sales in U.S.

Hyundai on Sunday said it plans to release several new SUVs in the U.S. by 2020 to boost its sales there.

Hyundai sold 685,555 cars in the U.S. last year, down 11.5 percent on-year due to lower demand and a lack of new models. Industry insiders say the carmaker failed to respond to increased demand for SUVs.

Hyundai currently sells only two SUVs in the U.S. -- Tucson and Santa Fe -- but plans to release eight more in the coming years. These include the Kona compact SUV in the first half of this year and a new version of Santa Fe in the second half. It will also release the hydrogen-powered Nexo, a new SUV smaller than the Kona, and a new midsize SUV.

The carmaker also plans to air ads featuring its Kona SUV on U.S. TV during this year's Super Bowl in February.

It will start running a separate sales network for its Genesis premium brand in the first half to effectively target the luxury car market.

Hyundai aims to sell 716,000 cars in the U.S. this year, up 4.5 percent from last year. The company will also develop new exclusive models to meet the needs of customers there and reduce production at its plant in Alabama to balance its inventory.