Despite the decline in sales of luxury automobile models in the US, Hyundai expects annual sales of 50,000 units of the Hyundai Genesis, 20000 units of the Hyundai Genesis sedan and 30000 units of the Hyundai Genesis coupe version. Hyundai plans to launch the Hyundai Genesis coupe in the US, in the first quarter of 2009.
The Hyundai Genesis sports sedan was launched at a price of $33000, in the US market in June 2008. Hyundai has set a sales target of 8,000 Hyundai Genesis units in 2008, in the US. Hyundai expects to sell at least 1,200 Genesis sedans in August 2008.
Hyundai aims to alter the image of the Hyundai cars in the US- as cheaper alternatives to other top-selling cars – with the upmarket Hyundai Genesis, and rack up sales in the US.
The Hyundai Genesis is positioned in the same class as the Mercedes-Benz E-Class, BMW 5-Series, Infiniti M and Lexus GS. Hyundai would still play on the cost advantage, but this time would also emphasise that the Hyundai Genesis would perform as well as its main competitors.
The price of the Hyundai Genesis is nearly $8,000 lower than the entry-level versions of the competing vehicles – $17,000 less than a Lexus GS 460 in the same category, and $26,000 less than a comparable Mercedes E550.
While industry watchers say that any sales over 35,000 vehicles would be excellent, not too many are buying Hyundai’s claim of selling 50,000 units.
As part of Hyundai’s plans to increase its marketshare in the US, Hyundai India, the small car hub of Hyundai, is likely to export the Hyundai i10 to the US.