In 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. While the firm seeks to avoid the high import and other tariffs in order to push in competitive pricing, the automobiles would be put together at its India-based plants.
Genesis has a distinct look compared to the typical luxury brands sold in India, according to Hyundai India MD & CEO Unsoo Kim, and is therefore anticipated to garner strong interest.
“Genesis is a newer luxury brand that provides a unique brand of luxury. Through design and electrification, we will build that idea in India, Kim said TOI.
Hyundai has been flirting with the notion of selling the Genesis in India for years, but a final permission had got postponed due to a variety of issues, including the market slowdown in India in 2019, and thereafter the Covid-led shutdowns and uncertainties.
But, with the Indian market growing up swiftly once the economy opened post-Covid shutdowns, the corporation is now giving a serious thought to Genesis-related activities. The idea is being reinforced by the fact that sales of luxury goods have been surging ahead of the general market.
The market for luxury cars in India is likely to post its highest-ever sales in 2023, pushing above the previous peak of 42,000 units. German automaker Mercedes-Benz leads the sales, but is closely followed by neighbours BMW and Audi. Other automakers have also been growing, including the British Jaguar Land Rover, the Swedish Volvo, and the Japanese Lexus.
“We have been researching the Genesis for India. Our stakeholders also beg me to do so,” Kim said, adding that “local assembly would be favoured as imports would make it unviable. But, it might not occur this year.
