Hyundai Motor Company says that its first premium sedan, the Genesis, is changing people's minds about the brand. It also says its first foray away from the low-priced and long-warrantied cars that made them well-known in America is attracting previous owners of luxury cars.
Released in late June, the Genesis was designed to change people's opinion of the automaker by offering a premium sedan for those seeking their first luxury car. Although it quickly became apparent that most people who were buying their first luxury vehicle wanted a more established brand name, those who had previously owned a luxury car were opting to buy the Genesis in droves.
Contributing to this trend are the numbers. According to Hyundai, the Genesis costs $17,000 less than a comparably equipped Lexus, $22,000 less than a comparably equipped BMW, and $26,000 less than a comparably equipped Mercedes.
"For years we've said we don't have a product problem, we have a perception problem. The gap between what people think of our brand and what our products really are is as large as any in the industry," said David Zuchowski, Hyundai's Vice President of North American Sales.
Hyundai is attempting to sell 8000 units by the year's end, and plans to sell 20,000 next year.
Source: Automotive News