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The luxury sedan market just got some new competition from an unlikely competitor. Dominated by Mercedes, BMW, Lexus and Audi, non other than Hyundai is making a foray into the market. Historically associated with cheap economy cars, Hyundai is looking to show that it too can design a car that exudes class. The new sedan called the Hyundai Genesis will also feature Hyundai’s first ever V8 engine. While it doesn’t self park, it does feature all the other gadgets and technology you’d expect from a car in this class. It will be great to see this take hold and become another fixture in the luxury sedan market.  Hyundai Motor said it invested 500 billion won (US$533 million; euro362 million) to develop the Genesis over the past four years, and sees it as a competitor to luxury models such as Daimler AG's Mercedes-Benz E-Class, BMW AG's 5-Series and Toyota Motor Corp.'s Lexus GS.
The car "symbolizes our determination to enter the highly competitive arena of luxury cars now dominated by the Europeans,'' Hyundai Chairman and CEO Chung Mong-koo said in a statement earlier. "Genesis will consolidate our position as the leader of the Korean auto industry and will pave the way forward for our leap into the global market.''
Hyundai said it aims to sell 55,000 of the vehicles this year, 35,000 at home and 20,000 overseas in North America, China and the Middle East. It is targeting Genesis sales of 80,000 in 2009, with 45,000 of that total in foreign markets.
(thestar.my)References: hyundaiconceptgenesis, thestar.my Filed In: |
