Hyundai launches lux­ury brand named af­ter Ge­n­e­sis sedan

Korea’s Hyundai launches pre­mium car brand Ge­n­e­sis

Sun.Star Cebu Weekend - - Contents - By Youkyung Lee AP Busi­ness Writer

Sve­hi­cles. EOUL, South Korea — Hyundai Mo­tor Co. said Wed­nes­day it has launched a pre­mium car brand named af­ter its Ge­n­e­sis sedan to boost earn­ings and its share of the fast-grow­ing global mar­ket for lux­ury

South Korea’s largest au­tomaker said that the Ge­n­e­sis brand be­gins with two sedans, in­clud­ing the name­sake up­scale car launched two years ago and a large flag­ship sedan slated for release next month.

It will add four more mod­els in­clud­ing a sports coupe and sports util­ity ve­hi­cles by 2020.

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.

Even though lux­ury cars ac­count for just 10 per­cent of global auto sales, they set tech­nol­ogy and de­sign trends for the over­all au­to­mo­bile in­dus­try and their sales growth has out­paced main­stream cars.

Hyundai hired Luc Don­ck­er­wolke, for­mer chief de­signer at Bent­ley who also pre­vi­ously worked at Lam­borgh­ini and Audi, to work on Ge­n­e­sis mod­els as well as Hyundai cars start­ing early next year.

The move comes af­ter Hyundai’s lat­est quar­terly profit slid to the low­est in five years.

Its sales in China dropped sharply this year, like other for­eign auto brands in China, due to height­ened com­pe­ti­tion from Chi­nese car­mak­ers. The au­tomaker’s un­der­es­ti­ma­tion of strong de­mand for SUVs and a cheap Ja­panese yen that boosted ri­vals Toy­ota and Honda also con­trib­uted to its weak per­for­mance.

In South Korea, the com­pany faced com­pe­ti­tion from Ger­man and Ja­panese cars.

(AP PHOTO)

A man walks by a pic­ture of Hyundai Mo­tor’s sedan Ge­n­e­sis out­side of its show­room in Seoul, South Korea.

AP PHOTO)

Hyundai Mo­tor Co. Vice Chair­man Chung Euisun an­nounces the launch of a pre­mium car brand named af­ter the com­pany’s Ge­n­e­sis sedan to boost earn­ings and its share of the fast-grow­ing global mar­ket for lux­ury ve­hi­cles.(

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.