The Genesis saloon is Hyundai’s serious attempt to move upmarket and like the Japanese carmakers in the 80’s, the path might be more difficult than initially thought.
Hyundai has announced it has recorded 700 pre-orders and 20,000 potential buyers have expressed interest in the car. In comparison, Jaguar had presold 3,000 units of the XF saloon in the US and 10,000 worldwide. In an attempt to boost the saloon’s awareness among customers, the Korean carmaker will spend £40 million on a marketing campaign.
“This car will allow us to reach new customers and talk up quality like we never have,” Joel Ewanick, vice president of marketing for Hyundai Motor America said. “They’ve given us enough resources, and we will spend the money over a short period of time — over the summer. We have to make every cent count. We will be talking to a broad audience to use this as a brand lift.”
Ewanick isn’t a beginner when it comes to launch a luxury model from scratch as he was part of the marketing team which launched Lexus in the US. Final specs remain unknown although the saloon will likely be sold between £15,000 and £20,000 and be powered by V6 and V8 petrol engines. The carmaker plans to sell 30,00 units annually.
What’s interesting about this announcement is the possibility to see how much a brand is valuable. Despite having no money, Jaguar succeeded in recording more pre-orders than Hyundai.
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