SEOUL: South Korea’s Hyundai Motor Co unveiled the primary sport-utility car (SUV) underneath its Genesis model on Wednesday, a transfer analysts mentioned was essential for the premium marque’s enlargement in abroad markets.
The model, spun off in 2015, is an initiative of Hyundai Motor Group heir-apparent Euisun Chung aimed toward revamping the picture of the value-for-money automaker.
Nevertheless, its sedan-only lineup has restricted its attain in america – its largest abroad market – the place shopper desire has shifted to SUVs, and the place Hyundai has been embroiled in disputes with dealerships.
The automaker plans to launch the GV80 SUV in North America within the first quarter of 2020. It expects the mannequin to be a part of a strengthened lineup that will even lead the model’s enlargement in China and Europe the place it has but to make inroads, William Lee, World Head of Genesis, instructed a information convention.
Genesis’ lineup at the moment contains simply three sedans, which analysts mentioned limits its enchantment, significantly with the elevated demand for SUVs amongst youthful drivers in recent times.
“Genesis house owners are among the oldest within the U.S. market. With a median age of 62, solely Cadillac and Lincoln house owners are older,” Ed Kim, vice chairman at California-based consultancy AutoPacific, instructed Reuters.
“It (the GV80) will … have the function of bringing youthful patrons to the model,” he mentioned.
The model made progress rebuilding its U.S. retail community in 2019 after flip-flopping on technique for separate dealerships to these of Hyundai-branded automobiles which led to authorized disputes with Hyundai sellers.
— Genesis USA (@GenesisUSA) January 15, 2020
About 350 Hyundai dealerships in america have Genesis showrooms, with a couple of dozen within the “early levels” of creating plans for separate Genesis retail amenities, U.S.-based Genesis spokesman Kevin Smith mentioned in an emailed assertion.
Over 70% of Genesis automobiles have been offered in South Korea in January-November 2019, with the remainder offered primarily in america.