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Hyundai's Genesis Proves Itself in the U.S. Luxury Market

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Hyundai,Genesis,Luxury Brand

Hyundai's luxury brand Genesis has successfully established itself in the U.S. market, with exponential sales growth and expectations of double-digit growth for the next five years. The brand plans to increase awareness and sales with new performance models and a potential three-row SUV.

Hyundai's Genesis launched in the U.S. nearly eight years ago to much skepticism but the South Korean luxury brand has proven itself worthy in the domestic market. Sales have grown exponentially and executives expect double-digit growth annually for at least the next five years. For the short term, Genesis is expected to grow awareness and sales with new "Magma" performance models and potentially an upcoming new three-row SUV.

Launched its Genesis luxury brand domestically in 2016, many were skeptical the South Korean automaker — recognized mainly for budget vehicles at the time — knew what it was doing. "We both were looking at it like, 'Oh, my God, how are these guys going to be able to make it?' I mean, nothing against. It's just complicated. A new brand in such a competitive set," Marquez, who now leads Genesis in North America, told CNBC last week at the New York International Auto Show. Feeling out of the loop? We'll catch you up on the Chicago news you need to kno

 

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