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Korea's Hyundai Motor has finally taken the wraps off its most anticipated premium sedan
yet, the all new Genesis.
It has been more than five years since Hyundai Motor entered the premium car market. The
company hopes the latest version of the Genesis will help elevate the company's global status.
So will the high-end Genesis raise Hyundai's image in the premium sedan market,... and
leave behind its reputation as a maker of cheap, alternative cars in the dust?
Our Ji Myung-kil joins us tonight. Good evening, Myung-kil... so what is all
the buzz about?
On November 26th, Korea's largest automaker Hyundai Motor revealed a sleek revamped version
of its premium sedan, the Genesis, designed to inject some momentum in its key domestic
and global markets.
"With the new Genesis, we hope to promote Hyundai's strength in building luxury brand
cars... satisfying both international and domestic customers."
"Hyundai Motor recently unveiled its most anticipated premium sedan... the all new Genesis.
Hyundai hopes the Genesis will help it compete with world-renowned luxurious brands, like
Mercedes-Benz, Audi and BMW."
What are some of its prominent features?
The new Genesis is Hyundai's first all-wheel-drive sedan.
The model's use of more ultra-high-strength steel makes the vehicle sturdier and lighter
than typical steel, giving the 3-point-3 liter model a fuel economy of 9-point-4 kilometers
per liter. It is also equipped with a carbon-dioxide
sensor that can adjust its ventilation system to prevent driver drowsiness, and comes equipped
with the latest in cutting-edge safety technology. The price tag in Korea comes in at between
45-thousand and 65-thousand U.S. dollars depending on the model.
Hyundai Motor has spent almost 500 million U.S. dollars in developing this new car.
I would imagine... Hyundai is anticipating high returns from it.
Domestically, Hyundai is trying to gain back its market share in the luxury car market
as it has fallen more than 2 percentage points this year compared to last, to 72 percent.
Meanwhile, the imports of foreign luxury cars are on the rise.
"On the first day of its domestic release, Hyundai had 35-hundred reservations. We plan
to sell around 32-thousand of the all new Genesis in Korea next year."
And Hyundai also hopes to boost sales in the global market... especially in the U.S.
The company will also be introducing the Genesis into the European market for the first time
ever.
"We expect to receive good reviews from European
customers as the new Genesis offers improved driving, handling and various high-tech features."
Title: Hyundai Motor taps premium car market
So is the new Genesis Hyundai's stepping stone for entering the world's luxury car market?
Well, Hyundai does have high hopes, as it is trying to raise its profile from a value-for-money
carmaker to a premium car contender. But experts say just one model may not be
enough.
"Hyundai needs to keep on developing more than one type of premium model to achieve
its goal as a premium automaker. Hyundai also needs to pack new cars with upscale features
and must establish Hyundai's own unique design."
What is their target goal in terms of sales of their new, ambitious high-end sedan?
Hyundai plans to sell around 62-thousand new Genesis models worldwide, including in Korea
next year,... 30-thousand abroad and 32-thousand in Korea.
The company aims to increase U.S. sales by 10 percent next year from this year's target
of 734-thousand units.
Hyundai clearly has high hopes, but we'd be remiss if we didn't mention that the automaker
had several models with problems last year. Everyone will be wondering whether the new
Genesis can clean up the company's image?
Earlier this year, Hyundai had to deal with settling a group of lawsuits by U.S. customers
who said they were misled into buying its vehicles because Hyundai overstated their
fuel economy. And more than 1-point-7 million vehicles in
the U.S. have been recalled, including the Genesis, for faulty brake lights and malfunctioning
cruise control this year. Following the recalls, the company has become
more stringent in quality checks. Experts say Hyundai needs to build up credibility
with customers by undergoing thorough quality check-ups during the manufacturing process.
"In order for Hyundai Motor to resolve the recall issues and regain the trust of customers,...
it must strengthen its quality management worldwide and improve its labor-management
relations."
Well, we will have to wait and see whether Hyundai's new Genesis will set a new standard
for the premium sedans in the auto industry. That was Ji Myung-kil, reporting live on Hyundai's
new, luxury sedan, Genesis.