[BUSINESS] Hyundai Motors’ Genesis Sedan Attempt to Overcome Import Luxury Vehicles
D-Bo, Nov. 27, 2013, 2:24 p.m.
The local Korea car giant, Hyundai Motors, has announced that they plan on restoring their presence in the domestic luxury car market.
With the launch of their new Genesis sedan, Hyundai plans on selling over 62,000 vehicles of this model, half of which they would like to do so in South Korea. If that goal is met, the auto giant would hit a peak in sales, 35% above their record high of 46,000 units in 2011.
The Genesis has had a fair presence on the market of luxury sedans, even accounting for 35% of luxury sedan sales in 2008. Recently though, the model began to lose sales, dropping down to only 15% last year. Meanwhile, there was an increase in imported sedans from 38% to 72%!
"From the initial stage of development for the new Genesis, we were very conscious of the German premium sedans being our major competitors in the market, so we improved its design and performance to gain an edge over them," said a Hyundai executive.
The country has seen a heavy presence of outside luxury vehicles, such as from the Germans. Hyundai and their affiliate Kia alike, have begun offering various promotions to consumers to try and win the battle of domestics vs. imports, but they have not yet to win the race. Imports market shares have doubled from 6% in 2008 to a total of 12 this year!
Combined sales from models such as the 5 Series from BMW, Audi’s A6, and the Benz E-class held together at a total of 30,000 units in the first 10 months of this year. The genesis on the other hand hit 10,000, with Kia’s K9 almost reaching 5,000.
Hyundai is planning to have Genesis sales climb back up the ladder, and top foreign rivalry. The sedan will sell for w46.6-69.9 million, with a base model starting at 3.22.