[THE INVESTOR] Hyundai Motor, the nation’s largest automaker, is considering to introduce its luxury brand Genesis in China next year in an attempt to revive sales in the world’s largest auto market, according to media reports on March 29.
Hyundai has recently formed a task force team under its China operations department. The team will look into local regulations and conduct market research with aims to introduce the Genesis brand by next year.
The automaker may launch the G80 midsize sedan and the larger G90 in the country, as well as the upcoming compact sedan G70.
Genesis cars are currently being sold in Korea, the US, Middle East, Russia and Canada. The automaker plans to unveil the G70 sedan in Korea in the second half of this year.
The automaker is considering setting up a separate corporate entity to sell the Genesis cars shipped from Korea.
Hyundai Motor entered China in 2002 by forming a 50:50 joint venture Beijing Hyundai with Beijing Automotive Group, as it is required by law to form a JV with local companies to produce and sell cars in the country.
Beijing Hyundai sold 1.14 million units in China last year, an increase of 7.5 percent on-year, but lagged behind the country’s overall auto sales that jumped 15.5 percent in the same period.
By Ahn Sung-mi (firstname.lastname@example.org)