Hello.
I am Uniji, an automotive influencer
active in the industry.
A familiar premium automotive brand
is 'Genesis'
Genesis is well-known as the premium brand of Hyundai
and has shown steady growth since its launch in 2015 as a domestic premium brand.
Through the release of various new models,
it has finally surpassed famous imported brands like BMW and Mercedes-Benz,
establishing a strong presence in the domestic luxury car market.
Recently, despite sluggish domestic car sales, Genesis recorded a cumulative domestic sales volume of 45,554 units from January to April this year,
marking a 6% increase compared to the same period last year.
In contrast, BMW's domestic sales from January to April totaled 22,718 units,
reflecting a 5.2% decrease from the previous year, while Mercedes-Benz's domestic sales dropped significantly to 17,403 units, a 17.6% decline.
Genesis has outperformed BMW and Mercedes-Benz
While BMW and Mercedes-Benz, which together occupy more than half of the domestic imported car market, have seen their sales decline, Genesis has experienced an increase in sales.
The combined domestic sales of BMW and Mercedes-Benz are still over 5,000 units lower than Genesis's sales, surprising many.
This contrast has sparked intense interest in the Genesis brand, which has shown growth while BMW and Mercedes-Benz have struggled.
The notable growth this year can be attributed to the successful launch of the GV80, which debuted at the end of last year.
Genesis's GV80 represents the brand's flagship SUV model, first unveiled in January 2020. It is a luxury midsize SUV.
Genesis has benefitted significantly from the new model effect.The GV80, G80, and GV70
Genesis has also launched the 'GV80 facelift' model, which has undergone significant changes and improvements in its product offerings after being on the market for three years and nine months. Additionally, they introduced the derivative model 'GV80 Coupe,' attracting a diverse customer base.
As a result, domestic sales of the Genesis GV80 from January to April this year reached 17,636 units, a staggering 90.5% increase compared to the same period last year.This figure accounts for approximately 40% of Genesis's total domestic sales.
Despite the impressive growth of the Genesis GV80, the competition remains fierce, as rival models are also showing significant growth, making it essential for Genesis to stay vigilant.
The GV80 faces strong competition from imported rivals. The primary competitors, the BMW X5 and Mercedes-Benz GLE, recorded domestic sales of 2,134 and 2,005 units, respectively, from January to April this year, reflecting increases of 7.2% and 18.1% compared to the previous year.
The rising status of Hyundai's premium brand, 'Genesis,' is expected to continue for the foreseeable future.
This year, the Genesis G80, a midsize sedan, launched its facelift model, and recently the GV70 facelift has also received positive feedback.
Thus, analysts predict that Genesis will continue to capture demand from imported cars as it rides the wave of new model cycles.
Meanwhile, Genesis is ramping up its global market strategy with the GV80. Last month, it officially launched the 'GV80 facelift' model in the United States, drawing significant attention to its results.
This year, from January to April, the sales of the GV80 in the U.S. reached 6,707 units, marking a 23.9% increase compared to the previous year. The industry anticipates even higher sales in the coming months.
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