South Korea’s Hyundai Motor unveils first Genesis SUV in renewed overseas premium push
SEOUL - South Korea’s Hyundai Motor Co unveiled the first sport-utility vehicle under its Genesis brand on Wednesday, a move analysts said was crucial for the premium marque’s expansion in overseas markets.
The brand, spun off in 2015, is an initiative of Hyundai Motor Group heir-apparent Euisun Chung aimed at revamping the image of the value-for-money automaker. The automaker plans to launch the GV80 SUV in North America in the first quarter of 2020. It expects the model to be part of a strengthened lineup that will also lead the brand’s expansion in China and Europe where it has yet to make inroads, William Lee, Global Head of Genesis, told a news conference.
“Genesis owners are some of the oldest in the U.S. market. With a median age of 62, only Cadillac and Lincoln owners are older,” Ed Kim, vice president at California-based consultancy AutoPacific, told Reuters.The brand made progress rebuilding its U.S. retail network in 2019 after flip-flopping on strategy for separate dealerships to those of Hyundai-branded vehicles which led to legal disputes with Hyundai dealers.
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