Genesis G70 sales surpass 50% of year target

Sales of Hyundai Motor’s Genesis G70 reached nearly 3,000 just a week after release, the company said Thursday, encompassing more than 50 percent of the automaker’s sales goal for the rest of the year.

As of Wednesday, Hyundai has sold 2,880 Genesis G70 sedans. The company launched sales of the car on Sept. 20. When excluding weekends, when dealerships are not open, it means an average of 483 cars was sold daily.

Hyundai Motor had set a sales target of 5,000 G70s for this year, meaning the company has already achieved more than 50 percent of its goal.

Hyundai has positioned the G70, third in the automaker’s luxury Genesis lineup, as a rival against German models like the Audi A4, BMW 3 Series and Mercedes-Benz C-Class.

The latest industry figures show the G70 is outperforming its competitors.

According to the Korea Automobile Importers & Distributors Association, BMW has sold an average of 722 3 Series cars a month, and the Mercedes-Benz C-Class has recorded average monthly sales of 709 vehicles.

The G70 is also doing better than the Stinger, the sports sedan from Hyundai affiliate Kia Motors that shares similar specs with the G70. In the first 19 days after launching on April 11, the Stinger recorded 2,700 sales.

Hyundai Motor took a different approach with the G70, doing away with the Genesis’ “executive car” image geared toward people in their 40s by targeting a younger demographic that has become a core consumer of small and midsize premium sedans.

The fanfare-filled launch event included a concert with popular music stars like Gwen Stefani, Andra Day and CL.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]