Genesis, Hyundai Motor Group's luxury brand, has taken aim at Germany's three premium automakers, fronting a push into the European market and a challenge in motorsports.
José Muñoz, Hyundai Motor's president and global chief operating officer, said at a media roundtable on the 12th (local time) at France's Le Mans Circuit de la Sarthe, "Genesis proved its potential for success in the United States," adding, "We will demonstrate our capabilities in Europe as well." He also said, "The German Big Three are Genesis' direct rivals, and we will strive to measure up."
Genesis sold a record 82,000 vehicles in the United States last year. It also posted growth for 20 consecutive months. In Europe, it has yet to spread its wings, trailing Germany's Mercedes-Benz, BMW and Audi, but the brand aims to catch up in Europe on the confidence it gained in the U.S.
To that end, Genesis will change its sales model in Europe. It plans to move away from a manufacturer-centric model and build a local dealer network–centered system as in the United States. Muñoz said, "We are building about 200 service hubs across Europe and are reviewing an appropriate pricing policy."
Genesis will also make its debut in the Le Mans 24 Hours hypercar class this year to raise its profile and prove itself as a high-performance brand. The Le Mans 24 Hours is a race in which three drivers take turns driving a single car continuously for 24 hours, and the team that covers the farthest distance wins. Strong results at a car race held in the heart of Europe greatly help build trust in the brand.
Muñoz said, "The reason we have invested many resources in Le Mans is to secure durability and quality technologies and apply them to mass-production vehicle development." He added, "Le Mans is where not the fastest car but the most durable car wins," and "Safety and quality are core values of the Genesis brand."
Cyril Abiteboul, head of Genesis Magma Racing, also noted, "Motorsports are an important opportunity to raise brand awareness while accelerating technological innovation," adding, "In the long term, our goal is to grow into a competitive team beyond merely finishing the Le Mans 24 Hours."
On the day, Genesis unveiled two concept cars, "Magma GT" and "Magma GT3," declaring its entry into the high-performance market. Muñoz said, "We are currently at the stage of confirming technical feasibility," adding, "We are comprehensively reviewing scientific, technological and financial feasibility, and will decide our future direction based on market response."
Meanwhile, Genesis' domestic sales are declining. After peaking at about 138,000 units in 2021, they fell to about 118,000 last year. As of Apr., this year's tally is 32,927 units, smaller than overseas sales (36,175 units). Lee Si-hyeok, head of the Genesis Business Division (executive vice president), said, "There is strong demand waiting for the launch of Genesis hybrids in the second half, and we will focus our capabilities on enhancing completeness and product appeal."