Hyundai Motors India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motors South Korea. The brand has been catering to the needs of Indian buyers for more than three decades now and counted among the top auto manufacturers in India. In a recent development that will mark the foray of Hyundai into the luxury segment, the company is planning to launch its luxury brand, the Genesis in the Indian car market. The company will assemble the cars here in India to keep the cost competitive and within the reach of prospective buyers.
It is important to know that the luxury segment of the Indian automobile market is expected to post its highest monthly sales ever in 2023. Riding high on pent-up demand and economic recovery post the Covid-19 pandemic, luxury segment is all set to rewrite its sales and profitability. German luxury trio, i.e., Mercedes, BMW, and Audi have already started capitalizing on buoyant sentiments while Volvo, JLR, and Lexus are ramping up their efforts to get a slice of the fast-growing numbers.
The Managing Director and Chief Executive Officer of Hyundai India, Unsoo Kim expressed confidence that owing to the unique image and styling of Genesis, the brand will strike a chord with Indian buyers. The luxury, style, and overall performance offered by Genesis brand set it apart from the rest and Hyundai is relying heavily on these USPs to gain a strong foothold in the top tier of the market.
The option of assembling the cars here in India has been taken in the interest of the price as import through the CBU route will attract abnormally high import duties that would take the prices through the roof. Hyundai is confident that Genesis will carve a place for itself although the launch might not happen this calendar year.
