India (Commonwealth Union)_ Hyundai, a South Korean automaker with over three decades of expertise in the Indian market, is preparing to launch its luxury brand Genesis here. Accordingly, the automobiles would be assembled in the company’s India plants in an effort to avoid excessive import and other taxes and to achieve competitive pricing. According to Managing Director and Chief Executive Officer of Hyundai India, Unsoo Kim, luxury brand Genesis features a special design compared to previous luxury brands sold in India, and would thus likely garner considerable attention. Kim said, “Genesis is a relatively new luxury brand and provides a unique form of luxury. We will develop this concept in India with unique design and electrification”.
Hyundai has considered selling the Genesis to India for years, but a final permission was delayed for a number of reasons, including the market slump in India in 2019, followed by Covid-led lockdowns and uncertainties. However, the corporation is currently giving serious attention to Genesis-related ambitions due to the strong growth of the Indian market following the reopening of the economy after Covid shutdowns. The view is further bolstered by the accelerated growth of luxury goods sales in India, which has outpaced the market as a whole.
In 2023, the market for luxury automobiles in India is projected to surpass the previous record of 42,000 units sold, reaching the highest sales. Accordingly, Mercedes-Benz dominates sales, followed by its competitors BMW and Audi, all of which are German. Additionally, several automobile manufacturers, like Swedish Volvo, Japanese Lexus, and British Jaguar Land Rover, have also begun to grow. Kim said, “We have been studying the Indian market for Genesis. Our stakeholders also requested me to focus on that”. He added, “Local assembly would be preferred since imports would make it unprofitable. However, it may not happen this year.”
