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| Chang Jae-hoon, president of Hyundai Motor Company poses next to the newly released flagship Genesis G90. Courtesy of Hyundai Motor Group |
By Kim Hyun-bin
Officials at Hyundai Motor Company's luxury car brand Genesis said Wednesday they project annual global demand for ultra-large luxury sedans peaking at 230,000 units in 2023, but emphasized that the G90 premium sedan would occupy an 8.6 percent market share, which is up threefold compared to last year.
"Genesis surpassed 200,000 units in global annual sales last year, entered the top ten global luxury market, and ranked first in domestic luxury car sales for two consecutive years," said Chang Jae-hoon, president of Hyundai Motor Company. "It will be introduced to major markets around the world."
Genesis sold 201,025 vehicles worldwide last year. Genesis, a brand launched in 2015, recorded annual sales of 100,000 units in 2020, the first time in five years, and immediately increased sales by more than 50 percent in one year, exceeding the 200,000 unit mark.
"Genesis is part of the luxury car market, so rather than entering various countries, we need a strategy to focus on the countries we have already entered." Chang said.
Genesis will begin customer delivery of its flagship sedan G90 by the end of this month. The G90 is a fully-modified 4th-generation model, a flagship sedan with an elegant design and high marketability based on the design philosophy of Genesis, the company said, Thursday.
Regarding the surge in Genesis sales last year, he said, "The Genesis sports utility vehicle (SUV) lineup expanded, and the market expansion including in the United States, was effective."
Regarding competition with the three big German companies in the premium luxury sedan car segment, "If you look at the internal combustion engine vehicles together, we have caught up around 90-95 percent (of their brands)," he said. We will continue to enhance market competitiveness and create a premium customer experience."
Genesis has already introduced two electric vehicle (EV) models last year and is in preparation to introduce a large flagship EV model this year. Hyundai Motor Company announced that all new Genesis vehicles will be eco-friendly and available only with fuel cell and as EVs from 2025.
"Hyundai Motor's strategy in the luxury sector is basically to go to EV and fuel cells," Chang said.
Regarding the supply and demand situation for semiconductors for vehicles "The supply disruption of semiconductor parts is a global situation, and at worst, the supply disruption is expected to continue until the first half of this year." he added.
Genesis has brought together cutting-edge technologies to make the G90 customer's journey the most valuable and luxurious time possible. Top notch technologies have been embedded to enhance driving specifications including multi-chamber air suspension, active rear-wheel steering (RWS), and active road noise control accompanied by an elegant exterior and interior.
Preorders for the G90 exceeded 12,000 vehicles on the first day, and a total of more than 18,000 units were contracted in the domestic market alone within the first 18 business days. The sale price starts at 89.57 million won ($75,400) for a sedan and 165.57 million won for a long wheelbase vehicle.
