Hyundai is enjoying booming success in China. The Korean automaker sold 24,000 vehicles in China so far in 2007, an increase of 11 percent over 2006. Hyundai was also the number 2 auto brand in the first half of 2008, falling behind its Japanese rival Toyota.
Currently Hyundai imports five models to China including the Elantra and Sonata. Later this year Hyundai will add two more model to its China lineup with the new Santa Fe and the Azera. That will be followed by a new sports car in October called the BK which will be based on the Hyundai Genesis Coupe. In the first half of 2009, Hyundai will bring its most expensive luxury sedan, the Genesis, with a 4.8 liter engine. A crossover is also in the works.
“Then we will keep the pace of introducing one or two new luxury models every year to reinforce our premium brand image. We have the same strategy as our Japanese rivals,” Young-Key Koo, chief representative of Hyundai Motor China for sales and marketing, told Gasgoo.
“In 2010, we will officially launch our luxury brand name and logo along the lines of Toyota’s Lexus, Nissan’s Infiniti and Honda’s Acura. All of our luxury models will have the new badge.”
That’s right baby. Go Hyundai! The same move is likely to follow in other markets including the U.S. after Hyundai studies the impact of the Genesis brand in China.
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