Set to be introduced to the European premium market at the Geneva Auto Show next week, the Hyundai Genesis will be aimed at establishing a foothold for the automaker in the market against BMW and Mercedes upon arrival in showrooms in June, particularly in Southern Europe, Slovakia and the Czech Republic.
Automotive News Europe reports Hyundai expects to sell 1,000 of the premium sedans to a targeted group of customers who are familiar with the brand, especially those ready to attach diplomat plates to their new purchase. No price has been announced thus far, though the automaker has pegged the BMW 5 Series and Mercedes E-Class as rivals to their Genesis.
Overall, Hyundai aims to increase their market share on the continent from 3.4 percent currently to 5 percent by 2020. Though sales fell 5.5 percent last month, there are already 6 million vehicles on the road, with 70 percent under seven years of age. Customer retention also increased, moving from 36 percent in 2010 to 50 percent in the present, which benefits Hyundai in Europe according to regional head Allan Rushforth:
Working on loyalty is really fundamental to the economics of our business, and the success of our business in Europe. We’ve been a conquest brand to get to this point, but we’ve got to evolve and mature to balance retention and conquest in the future.