September 18, 2023 12:47
Hyundai's luxury brand Genesis had sold 1.09 million cars by the end of August, seven years and 10 months after it was launched as a separate brand.
Genesis played a crucial role in defending the market share of domestic carmakers against imported brands like BMW and Mercedes-Benz and gave Hyundai a classier image.
But 68 percent of the cars were sold in Korea, while Genesis struggled to establish itself as a bona fide luxury brand abroad.
In the highly competitive luxury car market in the U.S., Genesis' sales exceeded 50,000 cars for the first time last year, but it still lags far behind Mercedes-Benz (340,000), BMW (330,000), and Lexus (250,000).
Now Genesis is focusing on electric cars to increase its global presence.
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