Genesis Sells 10,000 New Premium SUVs on 1st Day

Genesis sold 10,000 new GV70 SUVs on the first day they hit showrooms on Tuesday. The record already surpasses 20 percent of the sales target of 44,000 cars for next year.

The domestic market for premium mid-sized SUVs is only estimated at 20,000 cars a year, but the GV70 ate up half of that in just one day.

Mercedes Benz sold about 5,700 GLCs, which are thought to be the GV70's main rival, from January to November this year, and BMW sold around 3,000 X3 SUVs.

One reason is that the GV70 is cheaper at W47.91 million for the gasoline-fueled model, though the price tag rises to W75 million with full options to rival premium imports (US$1=W1,107). But other attractions are the cutting-edge features and driving performance.

No one had expected it to do so well since a large Palisade SUV costs the same. Hyundai's premium brand has had a banner year by rolling out the GV80 large SUV and G80 large sedan to great acclaim as well.

The GV80, which hit showrooms in January, racked up sales of 15,000 cars on the first day and had sold 30,745 by November. The G80 hit showrooms in May and sales have stood at between 6,000 to 7,000 a month. The strong performance has helped Genesis beat both Mercedes-Benz and BMW to rank first in the Korean premium market.

Meanwhile, Hyundai's mid-sized Sonata sedan, which once reigned supreme in Korea, is losing its luster. Sales have been so poor that Sonata assembly lines at its Asan plant have been shut down temporarily from Wednesday until Jan. 6 of next year as the automaker depletes mounting inventory.

Sonata sales in the first 11 months of this year reached only 63,078, down 31 percent on-year. The large Grandeur sedan seems to be replacing the Sonata, selling over 10,000 since March and well on its way to becoming the bestseller here this year.