
No results matched your search
By Joyce Lee
SEOUL (Reuters) - South Korea's Hyundai Motor Co (KS:005380) unveiled the first sport-utility vehicle (SUV) under its Genesis brand on Wednesday, a move analysts said was crucial for the premium marque's expansion in overseas markets.
The brand, spun off in 2015, is an initiative of Hyundai Motor Group heir-apparent Euisun Chung aimed at revamping the image of the value-for-money automaker.
However, its sedan-only lineup has limited its reach in the United States - its biggest overseas market - where consumer preference has shifted to SUVs, and where Hyundai has been embroiled in disputes with dealerships.
The automaker plans to launch the GV80 SUV in North America in the first quarter of 2020. It expects the model to be part of a strengthened lineup that will also lead the brand's expansion in China and Europe where it has yet to make inroads, William Lee, Global Head of Genesis, told a news conference.
Genesis' lineup currently comprises just three sedans, which analysts said limits its appeal, particularly with the increased demand for SUVs among younger drivers in recent years.
"Genesis owners are some of the oldest in the U.S. market. With a median age of 62, only Cadillac and Lincoln owners are older," Ed Kim, vice president at California-based consultancy AutoPacific, told Reuters.
"It (the GV80) will ... have the role of bringing younger buyers to the brand," he said.
The brand made progress rebuilding its U.S. retail network in 2019 after flip-flopping on strategy for separate dealerships to those of Hyundai-branded vehicles which led to legal disputes with Hyundai dealers.
About 350 Hyundai dealerships in the United States have Genesis showrooms, with about a dozen in the "early stages" of developing plans for separate Genesis retail facilities, U.S.-based Genesis spokesman Kevin Smith said in an emailed statement.
Over 70% of Genesis vehicles were sold in South Korea in January-November 2019, with the rest sold mainly in the United States.
By David Shepardson, Hyunjoo Jin and Heekyong Yang WASHINGTON/SEOUL (Reuters) -South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle...
ZURICH (Reuters) - The head of Switzerland's financial regulator FINMA questioned Credit Suisse (SIX:CSGN) over risks in its dealings with now-insolvent finance firm Greensill...
By James Davey LONDON (Reuters) - After more than three months of enforced closure due to the COVID-19 pandemic, non-essential stores in England reopen their doors on Monday,...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.