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Biz News Korea(Eng)
Hyundai Motor to launch luxury Genesis brand in Europe and China in 2-3 yrs
- Collected
- 2016.11.02
- Distributed
- 2016.11.03
- Source
- Go Direct
![Luc Donkerwolke, head of the Hyundai Motor Design Center, is explaining the G80 Sport graphic image at its test drive event on Tuesday. [Photo: Hyundai Motor Co.]](http://file.mk.co.kr/meet/neds/2016/11/image_readtop_2016_764402_14780597892668223.jpg)
Luc Donkerwolke, head of the Hyundai Motor Design Center, is explaining the G80 Sport graphic image at its test drive event on Tuesday. [Photo: Hyundai Motor Co.]
The world’s fifth largest automaker said Tuesday 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 flagship sedan EQ900 (also known as G90 in the U.S.) that first 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.
At 1:05 p.m. Wednesday, shares of Hyundai Motor were traded at 140,000 won ($121.73), down 1.06 percent, or 1,500 won, from the previous session.
By Lee Seung-hoon
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