Hyundai Motor is planning to launch its standalone premium Genesis brand in China within two to three years, according to remarks reportedly made by the brand's head.
Genesis brand chief Manfred Fitzgerald also told Reuters the company is considering building Genesis models in China.
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The luxury segment of the Chinese car market has been dominated by the German marques, but Lexus has made inroads in recent years.
"The luxury customer in China is very brand-conscious," Fitzgerald told Reuters. "In two, three years' time we will be entering China," he said.
Import tariffs of up to 20% on luxury cars are a factor behind OEMs opting to assemble cars locally.
The Genesis brand is currently being expanded – in terms of both model portfolio and distribution network. It is exploring locations for its first dedicated US store. Right now, US sales go through Hyundai dealerships.
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By GlobalDataGenesis opened its first dedicated brand space inside a newly built cultural complex 'Starfield' in Hanam, 30km east of Seoul earlier in September – the 'Genesis Studio'.
"We are very excited to open the Genesis brand's first dedicated brand space, Genesis Studio. Visitors can easily drop by the studio, and get a chance to know about Genesis. This space, located in a busy area, will serve to introduce our brand, and to raise visitors' curiosity around it. We have also developed diverse concepts of brand spaces that fit for different objectives, so you will see more exciting brand spaces to come in the near future," said Fitzgerald, head of the Genesis brand.
Starting from Genesis Studio in Hanam, Genesis plans to open diverse concepts of brand spaces in major markets. As the first dedicated brand space for Genesis, the site in Hanam will inspire other Genesis brand spaces around the world, the company says.
Following the flagship G90 and G80, its variant G80 Sport, which was unveiled at the 2016 Busan International Motor Show in early June, will start selling in Korea later this year. The launch of G70 is scheduled for next year.
