Hyundai Preparing To Bring Forth Its Genesis Luxury Brand in India With Localisation; Find Details Here
New Delhi, March 29 : Hyundai is having a great time expanding its business in the highly lucrative and fast paced Indian automotive market. The South Korean auto giant has a strong hold on the Indian market for long, which was reinforced with the introduction of its Kia brand, which quickly became very popular as well. Now, Hyundai wants to bring in its luxury wing Genesis in India.
Hyundai Motor Group owns the Genesis luxury brand name, which is luxurious and fairly youthful. Hyundai wishes to bring forth the Genesis brand in order to grab a share in the very strong luxury car market of India. Let’s take a brief look at the details. BMW Officially Announces To Launch 22 Models in India Including Cars, Bikes and EVs in 2023; Find Key Details Here.
Hyundai Planning To Bring In Its Genesis Luxury Brand to India – Details :
Hyundai has been contemplating about the Genesis’ introduction to India for quite some time now, and has been studying the feasibility of the brand’s success in India for a few years. The reason why we still haven’t got the Genesis brand in our shores, is probably because of the absolute dominance of the German luxury behemoths in India. Mercedes-Benz Unveils the GLA and GLB Facelift 2023 Models; To Launch in India Within This Year.
The luxury car market of the country is reigned by Mercedes-Benz, closely followed by BMW, where the two are always engaged in a stiff competition for the top spot, with a slew of model launches every year. The other luxury marquees include Audi, home brand Tata-owned Jaguar Land Rover, Lexus and Volvo, all of which have a strong hold on the luxury segment in our market.
Hence, Hyundai’s hesitation regarding its Genesis brand is quite natural. Although the Genesis cars are very luxurious with strong built quality and highly aggressive styling, the brand name lacks a long heritage like the other marquees. However, now Hyundai seemed to be determined to bring forth its luxury arm.
In a recent interview, Hyundai India MD and CEO, Unsoo Kim said that the company has been studying the potential for the Genesis brand in the country. He also stated that “local assembly would be favoured” as importing the cars would make it impracticable to launch the brand. He also mentioned that the introduction of the Genesis brand may not take place this year. The CKD (completely knocked-down units) route would make the cars much more affordable than the CBU (completely built units) route, to offer Genesis a competitive chance with aggressive pricing against the already established luxury brands in India.
The Genesis brand name is rather a newbie compared to other luxury marquees, as the brand became independent from Hyundai name in 2015 and quickly made its way in global markets crossing the boundary of its home market South Korea. It already has presence in some important car markets like China, North America, Australia and some European countries.
Given the fact that India is now the third largest car market in the world, we may expect Genesis quickening its way to our shores. Even with localization or local assembly in place, the Genesis cars are likely to cost around Rs 55 lakh (ex-showroom), while going up to a crore for its most luxurious models.
(The above story first appeared on LatestLY on Mar 29, 2023 01:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
