April 26, 2024

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[THE INVESTOR] Hyundai Motor on Feb. 28 denied reports that the automaker is considering introducing its stand-alone luxury brand Genesis in Chile.

“At the moment, we have no plans on introducing the Genesis brand in Chile,” a spokesperson of Hyundai Motor told The Investor. 

Earlier in the day, local media The Bell reported South Korea’s largest automaker is considering to debut Genesis in the South American market, most likely Chile, considering Hyundai’s burgeoning market presence in the country.

The automaker, however, said it is too early to introduce its high-end marque in the country, despite Hyundai’s sales success in the previous year, largely benefiting from Korea-Chile Free Trade Agreement.

Last year, Hyundai Motor and its smaller affiliate Kia Motors became the best-selling car brand in Chile, beating its global rivals, including General Motors and Toyota.

Hyundai, however, is still planning to introduce Genesis brand in China, the world’s largest auto market, and Europe, the well established luxury car market.

Genesis cars are currently being sold in Korea, the US, Middle East, Russia and Canada.

By Ahn Sung-mi (sahn@heraldcorp.com)