AutoBeta(AutoBeta.net)01/22 Report--

In 2022, the domestic luxury car market accumulated sales of 2.702 million vehicles, an increase of 1.9% over the same period last year, with a market share of 13.2%. The overall performance showed an upward trend. This is not only due to the continuous efforts of the old traditional car companies, but also closely related to the rapid rise of new energy car companies. However, the current competitive environment in the luxury car market is becoming increasingly fierce, the former veteran eulogized exit stop loss, and the performance of Korean "rookie" Denisse in the domestic market is also appalling.

According to the new car compulsory insurance purchase data, Genisys sold only 1457 vehicles in China in 2022, including 165 in December, and the three models on sale, G70, G80 and GV80, sold 226,832 and 399 respectively. It's basically a complete rout.

After less than two years in China, Genisse seems to have been sentenced to death in advance. GENESIS is an independent luxury brand of Hyundai Motor Group in Korea, similar to Toyota-Lexus, Honda-Acura, Nissan-Infiniti, Ford-Lincoln, but domestic consumers do not have much impression of the Genisseth brand, and even many consumers do not know that Genisse is a luxury brand. In April 2021, Genisse broke the Guinness World record by using 3281 drones to spell out the "Hello, China" slogan on the Bund of Shanghai and once again announced that it would return to the Chinese market as an import.

This is not the first time that Genisse has lost a halberd. To be exact, it is the third time. Prior to this, Genisse entered the Chinese market in the name of "Lawns" and "Gaines" in 2008 and 2014 respectively, but without exception, they all disappeared after entering the Chinese market a few years later.

With an average monthly sales of less than 100 vehicles in the Chinese market, Genisse began to seek change. On May 16, 2022, Tian Sheng was appointed Vice President of Genisys Automotive sales (Shanghai) Co., Ltd., responsible for the sales, network and service operations of Genisys in China, and reported directly to Gernisse China CEO Horace.

According to the data, Tian Sheng is a senior figure in the domestic automobile industry. before joining Genisse, he worked at BMW's headquarters in China for nearly a decade and was responsible for a number of core business areas, including strategic planning, sales operations and dealer development. and later served as vice president of the western region, responsible for all business operations in the western region of BMW. Later, Tian Sheng became chief operating officer of China Zhengtong Automobile, where he was responsible for the consumer-oriented dealer operations of the company's luxury brands, including Porsche, Mercedes-Benz, BMW and Audi.

When Genisse first returned to China, he Ruisi said, "We should now focus on being able to do a good job in brand positioning and brand building." but the reality is that Genisse's brand building has been slow to make progress. And its positioning is not clear, which also restricts Genisse's sales to a certain extent. According to the official website, Genisis currently only has brand centers in Beijing, Shanghai, Chengdu, Nanjing, Hangzhou, Guangzhou, Suzhou, Chongqing, Changsha, Wuhan and other cities, with a total of 16 brand stores.

In the absence of sufficient market competitiveness, price for quantity may be a good choice, which can be referred to Cadillac, Volvo and other luxury brands, but in Genisseth's view, as a luxury brand, especially imported luxury brands, price reduction will affect the tone and popularity of the brand. With regard to the planning for future development, Genisse said that it will enhance the influence of the brand by providing good services, will continue to enrich the product layout, and form a product matrix from entry to flagship through the introduction of new products. at the same time, the road to electrification will be opened.

In November 2022, Genisese unveiled three pure electric models: G80, GV70 and GV60, in which GV60 locates pure electric medium-sized cross-border SUV and is based on E-GMP electric platform. Genisse announced that all new models will be pure electric models by 2025, with 100% zero emissions by 2030 and net zero carbon emissions by 2035.

Genisse claims to expand its popularity, but the environment has changed, and the brand has not put down its posture and promoted it enough. For the domestic market, Genisse's brand appeal and performance-to-price ratio do not have an advantage. At the same time, Korean cars represented by Hyundai are not highly recognized in China, and their influence has begun to decline since 2016, while Korean brands are generally lagging behind and their strategy is slow when new energy vehicles are popular. Korean joint venture brands are difficult to be left alone, and it may be even more difficult for high-end luxury brands such as Genisse to stand out.

In fact, not only Genisse, but also Hyundai Motor Group is not "happy" in the Chinese market. According to the insurance figures, Beijing Hyundai sold 260390 vehicles, down 31.96% from the same period last year, while Yueda Kia sold only 94345 vehicles, down 40.48% from the same period last year. According to data released by the China Association of Automobile Manufacturers, the market share of Korean cars in China from 2019 to 2021 is 4.8%, 3.8% and 2.7%, respectively, while the market share of Korean brands is only 1.7% in 2022.

Today, China is the world's largest and fastest-growing automobile market, and at the same time, it is also growing into a powerful car manufacturing power. Hyundai is naturally unwilling to give up such a market, but whether it is Hyundai, Kia or Genisse, there is no advantage in the Chinese market, how to restore the Chinese market has become a top priority.

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