Hyundai Motor Co. recently launched a premium car brand named after its Genesis sedan to boost earnings and its share of the fast-growing global market for luxury vehicles.
Created for a new generation of discerning consumers, Genesis will be a stand-alone brand that operates alongside the company’s popular Hyundai marque.
Capitalising on its success in the fast-growing global car market, Hyundai Motor will launch six new Genesis models by 2020 and will compete with the world’s most renowned luxury car brands.
According to leadership.ng, the Genesis brand seeks to create a new definition of luxury, one that will provide a new platform for future mobility centred on people. Genesis models will embody four key aspects – human-focused innovation, refined and balanced performance, athletic elegance in design, and hassle-free customer experience.
The company began preparing for the brand in 2004. Hyundai had planned to launch it when it released the first Genesis sedan in 2008 but postponed because the global financial crisis dented sales of luxury cars.
Hyundai was the only major automaker without a separate luxury brand.
The announcement is a “new start” for Hyundai, said Chung Euisun, a vice chairman and grandson of the company’s founder.