Hyundai To Launch Genesis Luxury Brand In China
Hyundai Motor Group Has Decided To Launch Its Genesis Luxury Brand In The Chinese Market, Introducing The G80 Sedan And GV80 SUV There.
Hyundai Motor Group Has Decided To Launch Its Genesis Luxury Brand In The Chinese Market, Introducing The G80 Sedan And GV80 SUV There, aiming to vie with prominent brands including Mercedes-Benz, BMW, Audi and Lexus in the world’s largest car market. On Friday, Genesis held a China launching event called “Genesis Brand Night” at the Shanghai International Cruise Terminal. Featuring executives of the automotive group and local Chinese media, Genesis also displayed the G80 and the GV80 models.
“By targeting the younger generation, key customers in China’s rapidly growing luxury car market, Genesis aims to strengthen its status as the first luxury car brand in Korea and to compete against the world’s leading brands,” a Hyundai Motor Group official said. The official added that the specific release date of the G80 and GV80 has not been decided yet.
“Today is the day when Genesis’ grand journey begins anew. We are glad to introduce the luxury brand Genesis to Chinese consumers who pursue differentiated value,” said Chang Jae-hoon, global head of Genesis. “The China launching will become a new chapter of Genesis’ brand expansion,” Genesis Motor China CEO Markus Henne said in a company statement issued in Korean. “As a luxury car brand, Genesis has improved its brand awareness in the United States, Canada, Australia, Russia and the Middle East.”
Unveiling details of the brand’s business strategy in China, the popular G80 luxury sedan and the GV80 will play a leading role in boosting Genesis’ brand awareness in China. Genesis showcased the two models in front of Chinese consumers last November at the third China International Import Expo in Shanghai. The company will open the Genesis Studio Shanghai store this month where customers can experience the brand and purchase the luxury vehicles.
According to data by the China Association of Automobile Manufacturers, around 25.3 million new cars were sold in China last year. The figure is around 80 percent more than the sales record of the U.S. estimated to be 14.4 million to 14.6 million. Given the market is expected to grow to more than 30 million in 2025 and is also the world’s largest electric vehicle market, it remains to be seen whether Genesis can contribute to raising the brand awareness of Hyundai Motor Group.
The development of local Chinese carmakers has bitten into the market share of Hyundai and Kia, which have been selling quality cars at affordable prices. According to data by the China Passenger Car Association, Hyundai and Kia sold 28,952 new cars there in February, down 49.6 percent year-on-year.
This news was originally published at Korea Times.