January 31, 2019 10:27
Hyundai will set up a Chinese subsidiary to sell its independent luxury brand Genesis in the country.
The automaker said on Wednesday that it is in the process of establishing a sales subsidiary for Genesis with the aim to launch it in the first half of next year.
The luxury car market in China is growing constantly with sales this year expected to reach a record of some 3 million cars. It broke the 2 million milestone in 2016, and posted 18-percent growth to 2.56 million in 2017 and sold 2.81 million in 2018.
Since becoming an independent brand from Hyundai in 2015, Genesis has entered the Middle Eastern, North American and Russian markets, but has yet to venture into China.
"We are reviewing candidate cities for the subsidiary including Shanghai," a Hyundai source said. "We will first focus on building a sales network and promoting the brand."
Whether the company will manufacture the Genesis locally has yet to be decided, the source added.
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