Genesis eyes 10% rise in sales, aims to sell 220,000 units this year

Genesis eyes 10% rise in sales, aims to sell 220,000 units this year

Genesis Motor, LLC, the luxury vehicle brand of South Korean carmaker Hyundai Motor Co., has reportedly announced that it is targeting a 10% on-year rise in sales for 2022, driven by the launch of new models.

Chang Jae-hoon, President and CEO of Hyundai Motor, told reporters during the brand’s G90 Sedan launch event that Genesis is aiming to sell more than 220,000 units worldwide this year, having sold 200,000 units last year.

Jae-hoon stated that Genesis has already ranked amongst the top 10 luxury brands by improving its product lineup and increasing production of its SUV models, beating Honda Motor’s Acura and Nissan Motor’s Infiniti.

The luxury brand is also targeting an average sale of 20,000 units yearly to elevate its market share to approximately 8.6% in the global annual flagship sedan market with 230,000 units in 2023, as compared to its 2021 share of 3.1%.

In order to achieve that, the brand-new G90 flagship sedan was put on the domestic market for sale on Thursday. The sedan has also been scheduled for its overseas launch in United States, Europe, and China later this year.

The new fully revamped, all-wheel drive, G90 model was given a face-lift in 2018 and comes with an eight-speed automatic transmission and a 3.5-liter turbocharged gasoline engine.

The model has been priced at ₩91 million ($76,000), while its long-wheelbase version will sell for ₩166 million ($139,659). Depending on the options, prices may rise to ₩130 million ($109,371) and ₩180 million ($151,491) respectively.

Genesis has said that the G90 will compete against BMW's 7 series sedan and Mercedes-Benz's S Class sedan. The company’s lineup now consists of the G90, G80, and electrified GV60, the GV80 and GV70 SUVs, and the G80 and G70 sedans.

Jae-hoon added that while Genesis is working on electrification, it does not have any immediate plans of releasing an all-electric version of the G90.

Meanwhile, Hyundai Motor Group recently upped its target of global EV sales to 1.7 million units, from 1 million, by 2026, combining the sales of Hyundai Motor and its affiliates, Genesis, and Kia Corp.

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