By Heekyong Yang
SEOUL: South Korea’s Hyundai Motor Co mentioned on Tuesday it should launch its premium brand Genesis in Europe this summer time, debuting its flagship sedan and sports activities utility automobile (SUV) in one of many world’s quickest rising electrical automobile markets.
Genesis, which launched as Hyundai’s standalone luxurious division in 2015 to compete with premium manufacturers like BMW , Mercedes and Lexus, mentioned it should promote each typical and electrical fashions within the area.
“The Electrified G80 will be the first all-electric Genesis to arrive in Europe. A further two battery electric cars will follow, providing European customers with a choice of three Genesis zero-emission cars within the first year,” Genesis Motor Europe mentioned in a press release.
The unit mentioned orders will open for the Genesis G80 sedan and the Genesis GV80 SUV in June, with the brand new G70 sedan and GV70 SUV following quickly after.
“While Genesis cars are now at a level right below Lexus cars in the U.S. market, it would take some time for them to stand out in Europe as a luxury brand, considering competition among prominent European brands,” mentioned Lee Seung-hwan, an analyst at Daishin Securities.
Lee mentioned nevertheless the Genesis model has room to develop within the European market as they may provide extra cost-competitive EVs than different European carmakers.
Sales of electrical and plug-in hybrid vehicles within the European Union virtually trebled to over 1 million automobiles final 12 months, accounting for greater than 10% of general gross sales, knowledge from the European Automobile Manufacturers Association (ACEA) confirmed.
As carmakers started rolling out new EVs to fulfill setting laws, Volkswagen AG, Europe’s greatest automaker, unveiled its ID.3 and ID.4 fashions, whereas premium manufacturers reminiscent of BMW, Mercedes and Audi launched high-end variations.
In the primary quarter, gross sales of Genesis vehicles jumped 165% in South Korea and greater than doubled from a 12 months earlier within the United States, in keeping with Hyundai gross sales knowledge. The model launched final month in China.
