Global luxury vehicle brand Genesis on April 2 marked its official entry into the Chinese market with a spectacular drone show entitled the “Genesis of Genesis” at the International Cruise Terminal in Shanghai.
During the show, Genesis showcased its internationally recognized products, the Genesis G80, its mid-sized luxury sedan, and the Genesis GV80, the first SUV in the lineup. Defined by their iconic Two Lines architecture, both models are the expression of athletic elegance.
Genesis was originally the name of a high-end sedan model of Hyundai Motor, which only lasted for a few years. Since November 2015, Genesis has operated as a luxury sub-brand of Hyundai, featuring a high standard of performance, design, safety and innovation.
Headquartered in South Korea, Genesis has achieved particularly great sales in the US and Canada, in addition to Australia, Russia and various countries across the Middle East. The brand strives to manufacture the finest products and services for car connoisseurs around the world, and to make a positive difference to its customers’ lives.
Genesis has been highly praised by respected industrial commenters such as Consumer Reports and J.D. Power, and has won awards including North American Car of the Year.
At present, Genesis has a relatively comprehensive product array including the G70, G80, G90, GV70 and GV80. The G80 and GV80 models will be introduced to the Chinese market according to an official press release, although this will likely not be enough to meet the rich and segmented market demand in China.
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Why has Genesis selected China as its next battlefield? First of all, the South Korean and American markets, its two major sources of revenue, are shrinking due to the effects of COVID-19. In contrast, thanks to effective prevention and control measures, China’s luxury vehicle market currently enjoys a rapid growth rate of 19.9%, reaching 2.79 million units sold in 2020.
However, Genesis has many competitors in the luxury auto industry, including Mercedes-Benz, Audi and BMW, each of whose sales reach more than 700,000 every year. The continuous downturn of Korean vehicles in the Chinese market also brings a range of uncertainties for the entry of Genesis into the country. In 2020, Hyundai and Kia, two Korean brands, sold 410, 000 vehicles in China, declining by 32% compared with 2019.
“Launching the brand in China represents a significant, perhaps the most important, new chapter in our brand’s history. Genesis will focus on brand building in the early stage. We will continue to reveal more highlights of how we plan to appeal to our Chinese audience.” Markus Henne, Chief Executive Officer of Genesis Motor China, said.
As a new brand for Chinese consumers, Genesis will create a new business model based on direct sales and assisted by reliable partners and online channels, allowing it to gradually expand its share of the Chinese market.
The brand is committed to interpreting what new luxury can be for Chinese consumers. To underline this, it unveiled its brand manifesto — “Genesis of You”. The consumer group it is targeting is marked by a strong personal style, bold and avant-garde thoughts, and an unique appreciation for aesthetics and design.
A transparent pricing model under the Genesis One Price Promise will be implemented to ensure a unified price across all sales channels. In the near future, it will cooperate with Shanghai Fashion Week 2021 to open a “Genesis Home” in Shanghai for consumers to deeply experience their products and spread their brand culture.