April 19, 2024
Automobiles
Hyundai sets up Genesis sales subsidiary in China
[THE INVESTOR] Hyundai Motor said on Jan. 30 it has set up a sales subsidiary in China for the sale of its independent Genesis brand luxury vehicles.
The move is part of the Korean carmaker’s stepped-up efforts to revive sales in the world‘s biggest automobile market.
Its sales in China fell 20 percent to 631,171 vehicles last year from 785,006 units a year earlier.
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Hyundai will decide on the launch date for the Genesis brand in China based on local conditions, a company spokesman said over the phone.
The company plans to establish dealer networks and hold a market promotion event before launching Genesis models there.
It is expected to initially export Genesis vehicles manufactured in its Korean plants. But it is likely to consider producing them in its plant in China later to avoid a 15 percent tariff on imported cars, according to local reports.
The Genesis brand has advanced to overseas markets such as the United States, Canada, Russia and the Middle East.
The Genesis lineup is currently composed of the G70, G80 and G90 luxury sedans. The GV80 sport utility vehicle is scheduled to be added to the lineup later this year, along with a completely new G80 sedan.
China’s luxury car market reportedly grew to 2 million vehicles in 2016 and posted an 18 percent on-year jump to 2.56 million units in 2017.
By Ram Garikipati and newswires (ram@heraldcorp.com)
