MediaPost reports that Hyundai has sold 5,127 examples of its Genesis sedan, which went on sale in July 2008, with 1,151 being sold in the month of November. Hyundai's big gamble seems to be paying off, or at least breaking even-quite a feat for the company given the drastic automotive market downturn in the last quarter of 2008. Sales in the past 90 days have been at or near objectives.
Hyundai's Genesis nameplate-a coupe is coming in 2009-was created to compete with the likes of the BMW 5-Series and raise the overall appeal of the Hyundai brand, the latter objective one the sedan has met thus far according to Joel Ewanick, Hyundai Motor America's Vice President of Marketing.
"Genesis has helped move the needle away from how Hyundai has been perceived," Ewanick said. "Net consideration is the way we look at awareness and consideration for the Hyundai brand, and that has improved 25 percent this year alone."
Ewanick also said that 90 percent of all Genesis buyers are new Hyundai customers, and 40 percent of buyers traded in Lexus, BMW, Mercedes or Porsche vehicles.
Hyundai is readying a marketing blitz in anticipation of the 2010 Genesis coupe due next year. It recently announced that it will air two advertisements during the Super Bowl, and Ewanick revealed that Hyundai will also advertise during the Academy Awards.
"[Such events] give us an opportunity to state our case and show that this is another Hyundai," Ewanick said. "If [consumers] aren't forced to reconsider us, they won't."