Hyundai Motor, a prominent South Korean automaker, has stated that if there is a demand, it will not hesitate to introduce its luxury brand Genesis into the nation and won’t delay if necessary. According to sources, Hyundai has long been considering introducing the Genesis brand to India.
Originally introduced under the Hyundai brand, the Genesis brand was sold in countries like China and the USA. But subsequently, the South Korean company chose to establish it as a distinct business. 2015 saw the brand’s initial release.
“We intend to introduce the Genesis brand to India; the only question is when. We have always felt that we must be ready and prepared, thus we are researching the market. BusinessLine was informed by Unsoo Kim, Managing Director and Chief Executive Officer of Hyundai Motor India (HMIL), “We will bring the products as long as there is a market and we are ready.”
Genesis offers one vehicle in the SUV market and others in the luxury sedan market. The Electrified Genesis G80 is an all-electric vehicle that the business recently introduced.
In an earlier statement, Genesis, a division of Hyundai Motors, had declared that all gas-powered automobiles will be phased out by the end of the decade and that fuel cells and batteries will power all of its luxury vehicles starting in 2025.
In India, where Mercedes-Benz, Audi, and BMW account for the majority of sales in the luxury car market, the Genesis vehicles will face competition from these manufacturers. 68 Genesis vehicles, consisting of 25 G80 and 43 G90 models (both sedans), were brought by Hyundai for the recent G20 Summit in this location for usage by ministers and the head of state.
Sources claim that the company intends to assemble the automobiles initially at its factories in India, as it did with the Ioniq 5 electric sports utility vehicle (SUV), in order to avoid paying exorbitant import charges here and keep the cost of the products affordable.
Furthermore, the company has stated that it will strategically invest INR 20,000 crore in 2023 to create an electric vehicle (EV) ecosystem in India. Reportedly, six lakh vehicles are anticipated to be sold in that year. HMIL sold about 5.50 lakh automobiles in 2022.
