Hyundai Motor Co just announced that it plans to launch its new Genesis sedan in Europe next year, challenging German premium brands such as BMW and Mercedes on the home front.
The South Korean automaker has outperformed the European market due to its popular small-car models like the i30 but is now trying to shed its image as a value-for-money brand – and the addition of its first large sedan sold here will help achieve that goal.
“We have to overcome the challenge of competing with established European brands,” Hyundai said in statement. “We expect the Genesis to play a crucial role in improving our brand recognition.”
Hyundai unveiled the rendering of the new Genesis yesterday, ahead of its expected public debut during the 2014 Detroit Auto Show – this being the first major makeover of the premium sedan in nearly six years.
The world’s fifth-biggest automaker along with Kia Motors Corp plans to introduce the car in South Korea next month, followed by rollouts in the United States and other countries next year.
Hyundai counts the United States and South Korea as important markets for the Genesis sedan, which sells in smaller numbers than the Sonata and Elantra cars but garners higher margins, analysts say.
In Europe, Hyundai Motor and its affiliate Kia Motors nearly doubled their combined market share to 6.1 % last year from 2008 by offering stylish, affordable cars matched with generous warranties. Their sales have slipped 0.7 % so far this year, but are still outperforming the market’s 4 % fall.
) - Friday, October 25th, 2013 - filed under Hyundai
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