With the launch of its Genesis luxury sedan, Hyundai is setting itself up to one day launch a full-blown luxury brand like Toyota ’s Lexus or Honda ’s Acura . Such a move is still years away, but Hyundai executives are looking to the future. “If Toyota can do it, why not us,” asked Hyundai R&D boss Lee Hyun-Soon.
But the first step is boosting the company’s credentials as a maker of high-end cars. The aim of the Genesis rear-wheel-drive V8-powered sedan is to do just that.
Hyundai discussed “a lot” whether it was time for a new brand, and decided the first goal should be to “enhance the Hyundai brand image” and improve dealer profits, Frank Shin of Hyundai’s American division told Automotive News.
The Genesis will bolster the company’s image, said Shin. Then consumers can “believe in the Veracruz, Sonata and so on,” he explained.
The short term goal is to elevate Hyundai’s reputation to the level of Honda or Toyota . Only then might it be time for a luxury brand to push beyond that point.
