The Genesis marque is a bold attempt to take on the existing premium marques and for now it relies on the domestic market for much of its volume. It helps when the local market is heavily protected by tariffs but it is in no way as effective as it is against mainstream brands. Such cars rely on their reputation and status so cutting in on that is no easy task. Customers in this segment will pay extra for the cachet they carry.
Global wholesale volume was up 7% in 2022, reasonable in a difficult trading year. In its home market, retail sales were 135,000, down 5%. If I was a high volume premium import brand in Korea, I'd be concerned having an idea of how things work there but I'll leave it at that.
Unusually, the top three most popular models decreased but were more than offset by the less popular models doing well. The G range of passenger cars claimed 47% of the sales, about 1% up on 2021. The GV crossovers I expected to take more in 2022, not less. Maybe just a temporary aberration.
Data source: Hyundai.
No comments:
Post a Comment