Hyundai’s luxury brand Genesis to make European debut with launch of Electrified G80
Genesis Motor LLC, the luxury vehicle division of Hyundai Motor Group that was launched as the South Korean automobile giant’s standalone luxury division to compete with premium brands like Mercedes and BMW, has announced that it will sell conventional as well as electric models.
Founded in 2015, the premium brand Genesis is all set to be launched in Europe this summer, and it will make debut with its flagship sedan and sports utility vehicle (SUV). It may be noted here that Europe is one of the world’s fastest growing EV markets, thanks to some key governments that have declared their decisions to gradually phase out the sales of conventional petrol/diesel-powered vehicles.
Genesis’ first all-electric vehicle to make debut in Europe is the Electrified G80. Later two battery electric cars G70 sedan and GV70 SUV will also follow, which would provide European customers with more options to choose from. Order books for the Genesis G80 sedan and the Genesis GV80 SUV will be opened in June. It means that European customers will have choice of multiple Genesis zero-emission vehicles within the very first year of the brand’s planned launch.
However, some industry analysts have cautioned that it may take some time for Genesis to stand out in the European premium car market as several prominent brands are already active there.
When asked for a comment, Daishin Securities’ analyst Lee Seung-hwan said, “While Genesis cars are now at a level right below Lexus cars in the U.S. market, it would take some time for them to stand out in Europe as a luxury brand, considering competition among prominent European brands.”
Genesis has been enjoying steady growth in its home country of South Korea and the United States ever since it was launched to sell premium cars by Hyundai. Its South Korean sales jumped 165 per cent year-on-year in the first quarter of this year, while sales in the United States more than doubled from the previous year. Growing its business in foreign markets, the brand launched last month in China, the world’s biggest car market.
Now, Genesis is foreseeing a great potential for growth in the European market. As per stats released by the European Automobile Manufacturers Association (ACEA), sales of battery electric and plug-in hybrid cars in the European markets jumped almost 300% to more than 1 million vehicles during 2020, accounting for more than 10% of overall sales.
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