Hyundai hopes to sell 50,000 units of its new luxury vehicle -- the Genesis sports sedan and coupe -- in the U.S. annually, according to John Krafcik, vp of product development for Hyundai Motor Co.
in America. The sedan, which first went on sale in late June, is on pace to sell more than 1,200 units this month. The coupe will go on sale during the first quarter of 2009.
Hyundai is aiming to change Americans' perceptions of the company with Genesis, and hopes to convince people to consider the brand when they buy a luxury vehicle. It represents a $500-million
investment. Anything over 35,000 vehicles would be a tremendous success for Hyundai, says automotive consultant Erich Merkle of Crowe Chizek and Co., an accounting and consulting firm.
Hyundai developed the Genesis to compete against the Mercedes-Benz E-Class, BMW 5-Series, Infiniti M and Lexus GS but is selling the vehicle at $8,000 or more less than the entry-level versions
of those vehicles. But while analysts praise Hyundai for advances in quality, styling and design, they say Hyundai faces steep challenges because of its reputation as a manufacturer of low-priced,
entry-level cars.
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