NEW DELHI: With nearly three decades of experience under its belt in the Indian market, South Korean Hyundai is now gearing up to drive its luxury brand Genesis here. The cars would be assembled at its India factories as the company looks to dodge the high import and other duties in order to drive in competitive pricing.
Hyundai India MD & CEO Unsoo Kim said that Genesis has a unique style when compared to the traditional luxury makers that sell in India, and thus is likely to attract good interest.
“Genesis is a relatively new luxury brand and offers a different type of luxury. We will develop that concept in India with design and electrification,” Kim told TOI.
Hyundai has been toying with the idea of introducing the Genesis in India for years, but a final approval had got delayed due to a variety of reasons, including the market slowdown in India in 2019, and thereafter the Covid-led shutdowns and uncertainties.
However, with the Indian market picking up rapidly after the economy opened post-Covid shutdowns, the company is now giving a serious consideration to Genesis-related plans. The view is also getting strengthened as sales of luxury products have been on an overdrive, growing even faster than the broader market.
The market for luxury cars in India is set to record its highest-ever sales in 2023, surging past the previous high of 42,000 units. While German Mercedes-Benz dominates sales, it is followed by compatriots BMW and Audi. Other carmakers like Swedish Volvo, Japanese Lexus and British Jaguar Land Rover have also started expanding.
“We have been studying the Genesis for India. Our stakeholders also ask me to do that,” Kim said, adding that “local assembly would be favoured as imports would make it unviable. It may not happen this year though. ”
Hyundai India MD & CEO Unsoo Kim said that Genesis has a unique style when compared to the traditional luxury makers that sell in India, and thus is likely to attract good interest.
“Genesis is a relatively new luxury brand and offers a different type of luxury. We will develop that concept in India with design and electrification,” Kim told TOI.
Hyundai has been toying with the idea of introducing the Genesis in India for years, but a final approval had got delayed due to a variety of reasons, including the market slowdown in India in 2019, and thereafter the Covid-led shutdowns and uncertainties.
However, with the Indian market picking up rapidly after the economy opened post-Covid shutdowns, the company is now giving a serious consideration to Genesis-related plans. The view is also getting strengthened as sales of luxury products have been on an overdrive, growing even faster than the broader market.
The market for luxury cars in India is set to record its highest-ever sales in 2023, surging past the previous high of 42,000 units. While German Mercedes-Benz dominates sales, it is followed by compatriots BMW and Audi. Other carmakers like Swedish Volvo, Japanese Lexus and British Jaguar Land Rover have also started expanding.
“We have been studying the Genesis for India. Our stakeholders also ask me to do that,” Kim said, adding that “local assembly would be favoured as imports would make it unviable. It may not happen this year though. ”
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