Hyundai aims to locally manufacture Genesis vehicles in India
Genesis, Hyundai's luxury brand, is getting ready to launch in India. The automaker wants to compete with brands like Mercedes-Benz, Audi, and BMW but is looking to assemble Genesis cars locally in order to offer its products at competitive prices.
Genesis has a distinct style compared to the traditional luxury brands sold in India, according to Hyundai India MD & CEO Unsoo Kim, and is therefore likely to garner strong interest.
Hyundai has been considering launching the Genesis in India for some time, but final approval has been put off for a number of reasons, including the slowdown in the Indian auto market in 2019 and the subsequent Covid-led shutdowns and uncertainties.
The Indian market has been picking up rapidly after the economy opened post-Covid shutdowns, and the company is now giving serious consideration to Genesis-related plans. The idea is reinforced by the fact that sales of luxury goods have been surging ahead of the general market.
The sales of luxury vehicles in India are anticipated to reach a record high in 2023, surpassing the previous high of 42,000 units. German automaker Mercedes-Benz leads the sales but is closely followed by neighbours BMW and Audi. Several automakers, like British Jaguar Land Rover, Swedish Volvo, and Japanese Lexus, have also begun growing