April 26, 2024

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[THE INVESTOR] Genesis, an independent luxury brand spun off from Hyundai Motor, has gained 13 percent market share in the US, company officials said on Aug. 9.

The new brand was formally launched in the US market in August 2016 with the G80, which has sold 17,206 units as of July this year. After sales of some 2,000 units in the first month of its launch, the model has maintained a monthly sales average of 1,000 so far.

G90, made available in September last year, has sold 3,483 units as of July with a monthly average of between 300 and 400, according to Hyundai.

The two models together accounted for 13.3 percent of mid- to high luxury vehicles sales in the US for the January-July months this year. Should sales continue on course for the rest of the year, the Genesis brand would be able to exceed 10 percent of the annual market share for the first time ever, officials said. Its market share last year was 9.6 percent.

By Alex Lee and newswires (alexlee@heraldcorp.com)