AutoBeta(AutoBeta.net)04/21 Report--

According to the number of new car compulsory insurance purchases, Genisys sold 298 vehicles in China in the first quarter of 2022, of which 86 were Genisys GV80, 42 were G70 and 170 were G80.

GENESIS is an independent luxury brand of Hyundai Motor Group in Korea, similar to Toyota-Lexus, Honda-Acura, Nissan-Infiniti, Ford-Lincoln relationship, but domestic consumers do not have much impression of it, and even many consumers do not know it is a luxury brand. In fact, Genisse entered China as early as a few years ago, when it was officially translated as "Gaines". Later, it was announced that it would withdraw from the Chinese market in 2016. Four years later, "Genisse" changed its name to "Genisse" and re-entered China.

On April 2, 2021, GENESIS held a press conference in Shanghai to announce its return to the Chinese market and bring two new cars, the G80 and the GV80. On July 26, 2021, the Genisse G80 and the Genisse GV80 went on sale, with new cars priced at 36.28-433800 yuan and 52.98-618800 yuan, respectively. On October 19, 2021, the Genisse G70 went on sale at a price of 24.98-355000 yuan.

If you compare luxury cars of the same class, in fact, Genisse models have the texture that luxury brands should have in terms of appearance, interior, workmanship and materials, but from the point of view of consumers, the pricing of Genisse is too confident. The G80 of RMB 36.28-453800 is on the same level as BMW 5-Series, Mercedes-Benz E-Class, Audi A6L and other models. The 52.98-618800 yuan Genisse GV80 competes head-on with Lexus RX, Volvo XC90 and other models, but considering that other luxury models still have certain discounts in the market, and Genisse uses a direct marketing approach, in fact, Genisse's products should be classified into the same level of products. Of course, this is not the most important thing. Genisse is far less well-known than Mercedes-Benz, BMW, Lexus and so on. In other words, if the popularity is not good and the price is more expensive, how can consumers pay for it? Of course, the low sales of Genisse may also have something to do with the layout of the store. According to the official website, Genisse has only set up brand centers in Shanghai, Chengdu, Nanjing, Hangzhou, Guangzhou and other places, with only 8 brands directly operating stores.

Of course, Hyundai, a Korean car, does not sell well in China. According to the insurance figures, Hyundai sales in Beijing in the first quarter of 2022 were 65709, down 41.01% from the same period last year, Dongfeng Yueda Kia fell 34.52% to 28183, and Hyundai's import sales increased 29.47% to 514. Due to the continued decline in sales of Korean brands, the market share in China is less than 2%. According to data released by the China Association of Automobile Manufacturers, the market share of Korean cars in China from 2016 to 2021 is 7.35%, 4.63%, 4.98%, 4.7%, 3.8% and 2.4%, respectively, compared with 1.7% for Korean brands in March this year.

According to the current trend, the result of Genisse's second entry into China is obviously not ideal. Hyundai and Kia, the mainstream Korean brands, are very difficult to survive in the Chinese market, and it is even more difficult to locate the luxurious Genisse. Whether it is brand premium or product premium, it is difficult to be recognized by Chinese consumers.

However, Hyundai, Kia and Genisse are still very hot in overseas markets. Take the US market as an example, Toyota successfully overtook Ford in the list of best-selling car brands in 2021, while Hyundai and Kia were among the top 30, while BMW, Mercedes-Benz and Audi all failed to make the top 10.

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