Hyundai’s Newly Launched Luxury Brand Genesis Reveals First Model G90
South Korean multinational automotive manufacturer Hyundai recently launched its new global luxury brand called Genesis. According to reports, the announcement of its new luxury brand came after the company reported its seventh consecutive drop in quarterly earnings.
An industry analyst at Korea Investment & Securities said Hyundai's move "is a smart strategy of launching a luxury brand based on the success of Genesis sedans, unlike Lexus and Infiniti which came out of nowhere," as noted by Reuters Nov. 4.
"Genesis will target the same market position as Lexus, but ultimately it has to compete against [Daimler AG's (DAIGn.DE)] Mercedes-Benz S-class and [BMW AG's (BMWG.DE)] BMW 7 series," analyst Kim Jin Woo said.
In addition, Hyundai Motor Company vice chairman Euisun Chung said they have produced the new luxury brand Genesis "with a complete focus on our customers who want smart ownership experiences that save time and effort, with practical innovations that enhance satisfaction."
A few days after launching its new luxury brand, Hyundai unveiled the first model of Genesis on Tuesday which is the G90 or EQ900 in South Korea.
Hyundai Motor R&D Center head Woong Chul Yang said G90 will "deliver a concept of 'New Luxury' to our customers," as reported by CTV News Tuesday.
"The G90 sits at the pinnacle of the Genesis brand and demonstrates how we apply our human-centered values to give our customer true satisfaction in every aspect of the vehicle ownership experience," Woong said.
He added, "The Genesis models will provide technological innovation, excellent driving performance and luxury to customers. Every Genesis model will be created with the needs of our customers in mind, so the resulting car will perfectly meet their needs without any unnecessary burden or excess."
Reports revealed that Genesis' first model will be made available in Korea before the current year ends. Also, the G90 reportedly has an "athletic elegance."
"In creating the design signature of Genesis brand cars, we set out to display confidence and originality, creating highly desirable products that present new charm through innovative styling and proportions," Peter Schreyer said.