Hyundai's lack of large SUVs at a time when the segment is more popular than ever is causing sales to slump in the US and China, the two largest auto markets in the world. Hyundai and Kia ranked third in global sales after General Motors and Volkswagen in back in 2009, but the two companies now rank nine overall. Hyundai underestimated the growing demand for SUVs, and is now paying the price.

The Korean automaker will launch a new flagship full-size SUV next year to catch up with its competitors, but it's still going to take a few years to recover. We now know the name of Hyundai's new 2020 flagship SUV: the Palisade.

If it sounds familiar, that's because Hyundai trademarked the name earlier this year. According to Hyundai, the 2020 Palisade is named after an "affluent and beautiful neighborhood in Southern California."

As previous spy shots have shown, Hyundai's new flagship will have a "bold exterior that commands attention." Expect it to look a lot like the HDC-2 Grandmaster concept that was revealed earlier this year.

The styling will also "offer dignity with style in an understated theme that demonstrates clear differentiation worthy of a flagship SUV." To appeal to growing families, the spacious interior will have room for up to eight people, along with premium materials, intelligent safety features and copious amounts of cargo space.

Technical details are being kept under wraps, but the Palisade is expected to ride on the same platform as the 2020 Kia Telluride, which will debut at the Detroit Auto Show early next year. The Telluride will be powered by a V6 engine, which is likely to be the Sorento's 3.3-liter V6 that produces 290 hp and 252 lb-ft of torque.

We won't have to wait as long for the covers to come off the Hyundai Palisade, however, as the new flagship SUV will make its world debut at the LA Auto Show later this month before arriving in US showrooms next summer as a 2020 model.