Genesis Strengthens Its Push into the European Market
Genesis has appointed Peter Kronschnabl, former Vice President of BMW, as the Managing Director (MD) overseeing its European operations. By bringing in a strategic planning expert from a German brand, Genesis aims to accelerate its full-scale entry into the European market.
On August 1, Genesis Europe announced that Peter Kronschnabl was appointed as the Managing Director for Europe, effective August 4. Previously, Xavier Martinet, Head of Hyundai Motor Europe, had also served as the head of Genesis Europe, but with this appointment, a dedicated executive has been named for the role.
Director Kronschnabl has accumulated over 30 years of experience at BMW Group across various business areas including regional management, marketing, and sales. Most recently, he served as Vice President in charge of emerging markets at BMW Group.
He stated, "Genesis is a brand with a strong foundation, a passionate team, and a unique market position. Just as Genesis has grown in Korea and the United States, I expect success in Europe as well. Through market expansion plans such as Magma and hybrid products, I will lead Genesis to success in Europe."
In June, Genesis Europe announced its entry into four new European markets. Following its entry into the United Kingdom, Germany, and Switzerland in 2021, Genesis aims to sell electric vehicles in France, Italy, Spain, and the Netherlands starting in 2026. With this full-scale market expansion ahead, the recruitment of a European brand strategy expert is seen as a move to strengthen its competitive edge.
Industry observers believe that Genesis is preparing to target the European market with hybrid and high-performance vehicles. Along with the launch in new European markets, Genesis will introduce its high-performance model, the GV60 Magma, not only in Europe but also in global markets. Genesis is also preparing for the racing debut of the Genesis Magma at the FIA World Endurance Championship (WEC) next year.
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