- Saturday, April 27, 2024
By: Shubham Ghosh
GENESIS, the luxury brand of Korean automaker Hyundai, may soon make inroads in the Indian market, including in the electric-vehicle sector.
According to a report by Indian daily Times of India, Genesis looks to take on German automakers like Mercedes-Benz, Audi and BMW, besides Jaguar-Land Rover and Lexus.
The company may assemble the cars to avoid high import duty, though an initial debut may take place through the import route. Genesis was launched by Hyundai in 2015 as a distinct luxury brand and apart from South Korea, the brand is also available in the United States. It recently entered the Chinese market and is now in the process of making debut in Europe. India, one of the top car markets in the world, could be the next destination for the brand and feasibility studies for this have already begun, Hyundai India managing director and chief executive SS Kim told the Times.
“We are conducting a feasibility study in the luxury segment, though it is too early to talk of any definitive plans and launch dates,” he said.
The Hyundai top official also said that luxury car business in India is dominated by the German companies and Hyundai is learning the reasons for their strong holding and how new brands can make an entry in the market.
According to Kim, despite coming from a mainstream car brand like Hyundai, Genesis has been able to create a strong niche in the luxury category in markets like the US and South Korea.
“Philosophy and core values of Genesis are totally different when compared to a Hyundai,” he said.
Hyundai is not the only carmaker that has a separate luxury brand. Toyota sells luxury cars under Lexus while Nissan has Infiniti.
