Hyundai's Ambitious Genesis Surpasses 500,000 Units Sold in 5 and a Half Years Since Launch

Full-Scale Push into the World's Top 3 Auto Markets: China and Europe

[Asia Economy Reporter Yu Je-hoon] Genesis, the premium brand and ambitious project of Hyundai Motor Group Chairman Chung Eui-sun, has surpassed cumulative sales of 500,000 units in just five and a half years since its launch. This year, Genesis plans to further solidify its position as a global premium brand by entering the Chinese and European markets, known as the world's three major automobile markets.

Genesis announced on the 12th that it had sold a total of 500,191 units globally, including 378,999 units domestically and 121,192 units overseas, as of the 9th. This achievement was reached five and a half years after its launch as Korea's first luxury car brand.

Genesis is one of the masterpieces that Chairman Chung has devoted great effort to. A task force team (TFT) for launching a luxury car was formed in 2004, and the brand was concretized based on the success of the first and second generation Hyundai Genesis from 2008 to 2013. When the brand was launched in 2015, Chairman Chung expressed his expectations by saying that the Genesis brand launch was "another new beginning" and that he would "strengthen its position in the global luxury car market."

Reflecting this determination, Genesis sold 530 units in its first year entering the market with the G90 (domestic model name EQ900) in 2015, 65,586 units in 2016, and maintained a growth trend by selling an average of about 80,000 units annually for three consecutive years from 2017. Especially last year, thanks to the success of the brand's first sport utility vehicle (SUV), the GV80, it sold 128,365 units, breaking the annual 100,000-unit barrier.

The lineup that started with the G90 expanded to include the G70 in 2017, the facelifted G90 model in 2018, and the third-generation G80 along with the GV80 and GV70 last year. In addition, Genesis plans to launch three new electric vehicles by next year, including an electrified version of the G80 and dedicated electric vehicles based on the exclusive E-GMP platform. Chairman Chung's vision is to establish Genesis as an ‘eco-friendly luxury brand’ through these efforts.

Genesis's presence in overseas markets is also strengthening. In the United States, one of the world's three major automobile markets, Genesis's cumulative sales have reached 97,869 units since 2016, nearing the 100,000-unit milestone. Genesis has also been recognized for quality and safety by U.S. market research firm J.D. Power and the Insurance Institute for Highway Safety (IIHS).

Following the U.S. market, Genesis has launched its brand in Canada, the Middle East, Russia, and Australia. This year, it declared its entry into China and Europe, also considered among the world's three major automobile markets, and is intensifying its market penetration. Last month, Genesis held an event in Shanghai, China, to announce the brand launch and unveiled the electrified G80 model. On the 4th, it declared its European entry in Frankfurt, Germany, announcing that sales will begin this summer starting with Germany, the United Kingdom, and Switzerland.

Jang Jae-hoon, President of the Genesis brand, said, "Genesis has continuously strived for qualitative and quantitative growth in the global market by establishing a unique design identity and providing excellent quality and authentic brand experiences," adding, "We will continue to repay our customers' support with products and services that exceed their expectations."