Hyundai aims to sell 15,000 Venue annually

Hyundai Motor announced Thursday the launch of its smallest sport utility vehicle Venue, setting an annual sales target of 15,000 units in the future and 8,000 units within the year.

The Venue completes the carmaker’s SUV lineup, in which it has invested heavily in recent years, defying market criticism of its reliance on midsized sedans. This latest addition to its SUV lineup takes its place alongside the flagship Palisade, the Santa Fe compact, the Tucson subcompact and the entry-level Kona.

Targeting 20-something drivers, the company said the Venue embodies a modern lifestyle that goes beyond tradition -- a “completely free” single life.

Hyundai pointed out the growing number of single-member households, expressed in the term “hon life,” meaning single life, reflecting a persistent demographic shift.

The proportion of single-member households relative to all households in the country jumped to 29 percent last year, from 16 percent in 2000, said Hyundai Motor Executive Vice President Lee Kwang-guk. It is expected to reach 36 percent by 2030.

The Venue comes with a 1.6-liter gasoline engine and 21 color choices. It can run about 14 kilometers per liter. The price starts at 14.73 million won ($12,570) and runs to 21 million won.

By Cho Chung-un (christory@heraldcorp.com)