South Korea's Hyundai Motors has announced it is to launch its luxury Genesis brand in Europe this summer, introducing its flagship sedan and SUV in a rapidly growing electric vehicle market.
Genesis GV80. Source: Genesis
The Genesis GV80 SUV. Source: Genesis
Launched in 2015 as Hyundai's standalone luxury vehicle business, Genesis will sell both electric and conventional models in the continent and will be competing against other premium brands such as Mercedes, BMW and Lexus.
"The Electrified G80 will be the first all-electric Genesis to arrive in Europe. A further two battery electric cars – one built on a dedicated electric platform – will also be launched within the first year in Europe as part of the product roll-out," Genesis Motor Europe said in a statement.
Read more: Hyundai to develop own EV platform & charging systems
Orders will open for the G80 sedan and GV80 SUV next month, soon followed by the new G70 sedan and GV70 SUV.
"While Genesis cars are now at a level right below Lexus cars in the U.S. market, it would take some time for them to stand out in Europe as a luxury brand, considering competition among prominent European brands," Daishin Securities analyst Lee Seung-hwan was quoted as saying by Reuters.
He added that there is plenty of room for the Genesis brand to grow in Europe, especially as they could offer a more competitive electric vehicle than its European rivals.
Last year, sales of electric and hybrid vehicles in the EU almost trebled surpassing 1 million - around 10% of total sales, according to data from the European Automobile Manufacturer's Association (ACEA).
Read more: Hyundai & Kia: Not holding autonomous EV talks with Apple
Automakers rolled out new electric models in order to meet the EU's tightening emissions levels, with Volkswagen, Europe's biggest carmaker releasing its ID.3 and ID.4 model, and luxury brands like Mercedes, Audi and BMW releasing premium versions.
In this year's first quarter, Genesis' car sales leapt by 165% in South Korea and more than doubles in the US, according to Hyundai sales figures. Last month saw the brand launched in China.
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