In a bid to strengthen its presence in the Indian luxury car market, Hyundai is reportedly considering local manufacturing for its luxury brand Genesis. According to sources, the South Korean automaker is mulling over the idea of setting up a production unit in India to cater to the rising demand for premium vehicles.
Sources reveal that Hyundai has been keeping a close eye on the Indian market and is impressed by the growing appetite for luxury cars. The company believes that manufacturing Genesis locally could give it a competitive edge and help it tap into the potential of the Indian market.
“Genesis is a relatively new luxury brand and offers a different type of luxury. We will develop that concept in India with design and electrification,” Unsoo Kim, Hyundai India’s Managing Director and CEO told TOI.
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The move could also help Hyundai reduce production costs and offer more affordable pricing for the Genesis brand. Moreover, it could allow the company to cater to the Indian market’s unique demands and preferences, including larger and more spacious vehicles.
With the Indian market experiencing a surge in luxury product sales, including cars, Hyundai is now seriously considering its Genesis-related plans. The luxury car market in India is expected to reach its highest-ever sales in 2023, surpassing the previous high of 42,000 units. Although Mercedes-Benz dominates sales, BMW, Audi, Volvo, Lexus, and Jaguar Land Rover are also expanding their presence in India.
With its sights set on the lucrative Indian market, Hyundai is pulling out all the stops to ensure that it remains at the forefront of the country’s rapidly evolving automotive landscape. And with the prospect of local manufacturing for Genesis on the horizon, the company could be on the cusp of a major breakthrough in the Indian luxury car market.
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