S Korea�s Hyundai launches luxury car brand

AFP, SEOUL: South Korea’s Hyundai Motor launched yesterday a high-end brand named after its Genesis line of vehicles as it looks to expand its presence in the fast-growing luxury auto market.
Hyundai, which together with affiliate Kia is the world’s fifth largest carmaker, said its premium Genesis brand will offer six models by 2020, including its existing luxury sedan launched in 2013 and another large sedan to be unveiled next month.
The company has boosted its high-end auto line ups including Genesis and Equus in recent years in a bid to shed its image as a cheaper alternative to bigger rivals like Toyota.
The Genesis models—first introduced in 2008 -- have won a series of awards for design and are said to be more refined than the firm’s past vehicles.
The existing sedan to be included in the luxury portfolio is priced at up to $54,000 before tax in the US.
“High-end cars account for only 10 per cent of the global market but... the sector is leading the industry in terms of technology and design,” Hyundai vice chairman Chung Eui-Sun said at a press conference.  “I am confident that the launch of the new brand will play a major role in our future growth,” he added, saying consumer demand for luxury cars is growing faster than the overall auto market.
Global shipments of luxury cars grew 9.7 per cent in 2014, outpacing the overall market growth of 4.2 per cent, according to market research firm IHS.
The brand’s new vehicles, including a luxury SUV and sports coupe, will not carry the Hyundai label but simply the Genesis logo, in the same way that Toyota’s Lexus brand only carries its own logo.

S Korea�s Hyundai launches luxury car brand

AFP, SEOUL: South Koreas Hyundai Motor launched yesterday a high-end brand named after its Genesis line of vehicles as it looks to expand its presence in the fast-growing luxury auto market. Hyundai, which together with affiliate Kia is the worlds fifth largest carmaker, said its premium Genesis brand will offer six models by 2020, including its existing luxury sedan launched in 2013 and another large sedan to be unveiled next month. The company has boosted its high-end auto line ups including Genesis and Equus in recent years in a bid to shed its image as a cheaper alternative to bigger rivals like Toyota. The Genesis modelsfirst introduced in 2008 -- have won a series of awards for design and are said to be more refined than the firms past vehicles. The existing sedan to be included in the luxury portfolio is priced at up to $54,000 before tax in the US. High-end cars account for only 10 per cent of the global market but... the sector is leading the industry in terms of technology and design, Hyundai vice chairman Chung Eui-Sun said at a press conference. I am confident that the launch of the new brand will play a major role in our future growth, he added, saying consumer demand for luxury cars is growing faster than the overall auto market. Global shipments of luxury cars grew 9.7 per cent in 2014, outpacing the overall market growth of 4.2 per cent, according to market research firm IHS. The brands new vehicles, including a luxury SUV and sports coupe, will not carry the Hyundai label but simply the Genesis logo, in the same way that Toyotas Lexus brand only carries its own logo.