As part of the efforts, South Korean luxury brand Genesis has recently revealed that it has slashed its car selling price by a hefty margin. All current models in the Genesis lineup are on a drive-away sale, and until the end of August, you can get $3000 off the list price. Also, the brand is providing some incentives for consumers to get attracted to it through easy and pocket-friendly installment offers.
Growth Policy of Genesis
Genesis, the luxury automobile company from South Korea, has been on a growth spree in the auto industry. Genesis continues to embrace the brand attributes of being Audacious, Progressive, and Distinctively Korean. This design philosophy is a motivating force, influencing both their products and carving out unique customer experiences. Genesis strives to grow its globally recognized brand by introducing vehicles that will attract luxury car clients around the globe. Their trust in quality, innovations, and looks places as a serious contender in the luxury market.
In terms of sales, Genesis has been able to register significant growth. Barely selling 530 cars in its inaugural year, their growth in numbers skyrocketed to over 100,000 in 2020 alone and further propelled to over 200,000 in 2021 alone. Currently, Genesis cars amount to five percent of the total cars on the road as of Q1 2023. It accounts for 4 percent of Hyundai Motor Group’s total sales, which has shown a rapid rise. However, Genesis bravely ventured into the Chinese luxury car market because of its importance and expansion prospects. The foundation of their business is expansion and innovation which are their main key success factors. Genesis connects innovations, designs, and specifically Korean identity to re-establish luxurious automobile branding and increase market share.
$3000 Reduction and Competitive Financing
Genesis Australia is offering a $3000 drive away on all models of the car. While this offer only applies to orders placed before August 31, delivery of mobiles must also take place before this date. Approved customers who opted for Genesis Finance benefited. Five percent finance rate that is competitive in the market. Customers are required to pay at least 20 percent down payment and select the maximum loan term of four years.
Genesis EV Models
Genesis presents an impressive EV lineup meant to make every drive better. Genesis GV60 is an innovative EV that embraces design and technology for change. Up to 294-mile range based on EPA estimates. Subscriptions, eight-speed automatic transmission, 429 horsepower of all-wheel drive, and active noise cancellation.
From electrified GV70, Genesis is challenging the conventions of EV design. 217 kilometers or EPA estimated range of 236 miles. Optional 429-horsepower and five unique drive modes for a nuanced drive. Genesis Electrified G80 is an electrified proposition combined with elegance. This car comes with an EPA estimated range of 282 miles. Features a high-definition 14.5-inch LCD and reverse/back smart parking assist on the optical vehicle indicator.
Challenges Faced by Genesis
Genesis, the South Korean luxury brand, has faced several hurdles in its journey toward becoming a contender in the luxury car market. In the first place, Genesis saw some doubts when it started as a standalone luxury brand in 2015. Some questioned Hyundai’s capabilities to set up a luxury car division let alone competing with established brands from Korea. To overcome this perception it was important to embark on strategic marketing, constant improvement, and quality assurance. Genesis rivals iconic automotive manufacturers such as BMW and Mercedes-Benz. Getting into this realm is incredibly difficult. Currently, Genesis aims at winning market share through a differentiation strategy on aspects such as features, craftsmanship, and price.
As for Genesis, Hyundai Motor Company wants the brand to be ambitious, liberal, and unlike other cars, Korean. It remains a task to build a brand image that appeals to consumers while differentiating from other brands in the market. The IT problems that Genesis felt to have an impact include cybersecurity issues, network delays, and equipment changes. Organizational functional issues addressed comprised of issue resolution mechanisms, staff development, and capability deficits. However, these factors do not deter Genesis from building and growing where other luxury sub-brands have stalled.
Conclusion
Despite the high competition that Genesis has in the segment of luxury cars, these offers are a great chance for consumers to familiarize themselves with the brand’s combination of design, power, and innovations. Their devotion to innovation, quality, and the customer experience remains a key focus that fuels their growth.
