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Luxury cars

Hyundai’s premium Genesis brand sells over 500,000 cars since launch

By May 12, 2021 (Gmt+09:00)

The Genesis G70 Shooting Brake
The Genesis G70 Shooting Brake

Hyundai Motor Co.’s standalone high-end brand Genesis has reached a landmark with sales of over 500,000 cars since its launch as the top South Korean automaker is working to refine its profile as a maker of premium models.

Hyundai has sold 378,999 Genesis vehicles in the domestic market and 121,192 units overseas, totaling 500,191 units, since November 2015, the company said in a statement on May 12.

In the first year of its launch, the company sold 530 cars under the brand of EQ900, which later was renamed G90, and had since sold about 80,000 units a year until 2016.

Car sales gained momentum in 2020 with the addition of two premium sport utility vehicles, GV80 and GV70, alongside the flagship G80 sedan. The company sold 128,365 Genesis cars in 2020 alone, up 45.9% from the previous year.

In the first four months of this year, it sold 65,625 units and expects to sell close to 200,000 Genesis cars throughout this year.

The G80 sedan has been the top-selling model with a total of 256,056 units since its launch, followed by G90 and G70.

By country, the US topped the list with 97,869 Genesis cars since the luxury model entered the American market in 2016.

ENHANCED CREDIBILITY

The Genesis brand’s credibility has also increased together with rising sales.

According to J.D. Power’s initial quality study (IQS), the Genesis has ranked the highest in the US premium brand segment for four straight years since 2017. In 2020, the Genesis replaced Japan’s Lexus as the No. 1 car in J.D. Power’s vehicle dependability study (VDS), which looks at durability and issues raised by car owners.

The Genesis brand has received the “Top Safety Pick Plus” rating from the US Insurance Institute for Highway Safety (IIHS) every year since 2016. To be a Top Safety Pick Plus requires that vehicles pass stringent crash tests and offer top-rated crash prevention systems.

Hyundai Motor, which already sells Genesis cars in the US, Canada, Australia, Russia and the Middle East, is also taking the premium brand to China and Europe.

Last month, Hyundai said it is launching the brand in China, the world’s largest car market, to help revive sluggish auto sales there.

The Genesis 80 EV
The Genesis 80 EV

In mid-April, the company showcased its first electric version of its premium brand Genesis, dubbed the Electrified G80, at the opening of Auto Shanghai 2021.

Hyundai said it will unveil another premium electric vehicle based on its dedicated electric-only platform, the E-GMP, this year.

More recently, it said on May 4 that it will launch the high-end brand in Europe to compete with traditional premium cars such as BMW and Audi.

The company plans to roll out the G80 sedan and GV80 SUV in Germany, the UK, Switzerland in June and in other European countries later.

SHOOTING BRAKE

Meanwhile, Hyundai Motor on Wednesday unveiled images of the Genesis G70 Shooting Brake, the company’s first such model developed specifically for the European market.

The interior of the Genesis G70 Shooting Brake
The interior of the Genesis G70 Shooting Brake

Company executives said the luxury brand’s first Europe-specific variant “is a clear statement of our commitment to the region.”

To meet the growing demand for electric cars in Europe, Hyundai said it will launch three models of EVs this year, including the electric version of the G80 that was unveiled last month.

In the US, the Genesis brand is already gaining popularity, pushing Hyundai Motor to post its best-ever monthly sales for a second consecutive month in April.

Write to Byung-Uk Do at dodo@hankyung.com

In-Soo Nam edited this article.

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