Hyundai’s chairman says Genesis brand vital for 2016

Hyundai Motor Group Chairman Chung Mong-koo stressed to his executives the importance of the Genesis brand succeeding on the global market next year at a meeting held Tuesday at the automaker’s headquarters in Yangjae-dong, southern Seoul.

During the meeting, Chung was briefed by the directors of overseas offices, including the United States, Europe, China, India and Russia, on next year’s sales and marketing strategies for Hyundai Motor and Kia Motors.

“It was a tough year as overall demand in emerging markets fell due to slumping economies around the world and particularly in China,” Chung said.

“But we successfully opened up a new phase of growth, launching the luxury brand Genesis and opening a new production plant in China.”

Earlier this month, Hyundai Motor rolled out in Seoul the EQ900, the new flagship sedan of the Genesis brand, which will be launched on the global market, including in the United States, in the first half of next year.

The launch of the Genesis brand came as part of its efforts to boost sales. Both Hyundai and Kia have had a tough time in both the global and domestic markets, mainly due to tough competition with rivals such as Toyota and the slumping economies of emerging markets.

The two giants aren’t predicted to meet this year’s sales goal of 8.2 million units. Through November, the two sold a combined 7,191,868 units - 4,448,969 for Hyundai and 2,742,899 for Kia - which marked a 0.8 percent drop from a year ago.

The two sold an average of about 654,000 units per month this year.

“We need to successfully launch the Genesis brand in the global market next year and roll out projected environmentally friendly cars,” Chung said.

BY KWON SANG-SOO [kwon.sangsoo@joongang.co.kr]