Hyundai enters luxury segment with Genesis
Hyundai Motor officially launched its new rear-wheel drive Genesis luxury sedan Tuesday, setting a goal of selling 55,000 of the vehicles this year.
By Agencies |
SEOUL: Hyundai Motor officially launched its new rear-wheel drive Genesis luxury sedan Tuesday, setting a goal of selling 55,000 of the vehicles this year.
Hyundai Motor said in a statement it invested 500 billion won ($533 million) to develop the car over the past four years. It sees the Genesis as a competitor to luxury models such as Toyota Motor’s Lexus and similar European cars by the likes of BMW and Mercedes-Benz.
The car “symbolises our determination to enter the highly competitive arena of luxury cars now dominated by the Europeans,” Hyundai chairman and CEO Chung Mong-koo said in the statement.
“Genesis will consolidate our position as the leader of the Korean auto industry and will pave the way forward for our leap into the global market,” he said. Hyundai, which launched the vehicle Tuesday in South Korea, said it aims to sell 35,000 of the cars at home and another 20,000 overseas in 2008. It is targeting exports of 45,000 in 2009, the statement said.
Hyundai plans to begin shipping the high-end sedan to the US in June and also plans to sell it in China during the first half of the year.
Stephen Ahn, an industry analyst at Woori Investment & Securities, said Hyundai is treading the path of Japanese automakers such as Toyota, Nissan Motor and Honda Motor, which launched luxury brands to transcend earlier reputations as solid makers of quality vehicles.
“I think Genesis could be the next catalyst for brand-value growth” for Hyundai, said Ahn, who predicted the company will rack up sales of about 50,000 for the vehicle this year.
Hyundai Motor said in a statement it invested 500 billion won ($533 million) to develop the car over the past four years. It sees the Genesis as a competitor to luxury models such as Toyota Motor’s Lexus and similar European cars by the likes of BMW and Mercedes-Benz.
The car “symbolises our determination to enter the highly competitive arena of luxury cars now dominated by the Europeans,” Hyundai chairman and CEO Chung Mong-koo said in the statement.
“Genesis will consolidate our position as the leader of the Korean auto industry and will pave the way forward for our leap into the global market,” he said. Hyundai, which launched the vehicle Tuesday in South Korea, said it aims to sell 35,000 of the cars at home and another 20,000 overseas in 2008. It is targeting exports of 45,000 in 2009, the statement said.
Hyundai plans to begin shipping the high-end sedan to the US in June and also plans to sell it in China during the first half of the year.
Stephen Ahn, an industry analyst at Woori Investment & Securities, said Hyundai is treading the path of Japanese automakers such as Toyota, Nissan Motor and Honda Motor, which launched luxury brands to transcend earlier reputations as solid makers of quality vehicles.
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“I think Genesis could be the next catalyst for brand-value growth” for Hyundai, said Ahn, who predicted the company will rack up sales of about 50,000 for the vehicle this year.
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