Hyundai Motor’s losing its presence on both domestic and overseas turf is gearing up to test out its premium Genesis brand in Europe and China within the next two to three years.
The world’s fi fth largest automaker said recently that it was ready to launch the Genesis brand that is now available in Korea and the United States in Europe and China “within a few years” during G80 Sport sedan test drive event in western Seoul.
Industry watchers believe the Genesis brand will stretch out to China, the world’s largest auto market, and Europe, home to traditional luxury powerhouses, when its lineup becomes full-spec with choices in compact sedans and sport utility vehicle model.
The European and Chinese markets pose trickier challenge for Hyundai Motor.
Europe is home to the world’s renowned premium carmakers, including Mercedes-Benz, BMW and Audi.
China is the world’s biggest auto market with its demand in luxury cars topping 2 million units annually, surpassing that of the United States. German carmakers including Mercedes-Benz and BMW dominate the luxury car market in China with a combined 80 percent share.
Turning one this month, Genesis in its fl agship sedan EQ900 (also known as G90 in the U.S.) that fi rst hit the market December last year sold 21,895 units as of the end of October. The follow-up G80 released in July sold 13,284 units over the past four months. The two luxury sedans drove up Hyundai’s market share up to 46.6 percent in the Korean luxury car market in the January – September period this year.
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