Hyundai to open first standalone store for Genesis luxury brand
[SEOUL] Hyundai Motor on Thursday said it plans to open its first dedicated store for its Genesis luxury car line near Seoul later this year, as the South Korean automaker looks to build a separate identity for the brand.
Hyundai Motor, best known as a value automaker, launched Genesis as a standalone brand in November hoping to compete with the likes of Germany's BMW and Audi AG in the higher-margin premium segment.
The store will be located at what will be South Korea's biggest shopping mall, Starfield Hanam, due to be opened later this year by retailer Shinsegae Group near Seoul, the carmaker said.
US-based Tesla Inc was also in talks to open a store at the mall, although a decision had not been made, an official at Shinsegae said.
A Hyundai Motor spokesman declined to comment on plans for further standalone Genesis outlets.
South Korean newspaper Electronics Times said on Thursday that Hyundai planned to open 10 dedicated Genesis stores in South Korea by next year, including in Seoul's wealthy Gangnam district and the southeastern city of Busan.
The Genesis line-up currently features two models, a range that the company plans to expand to six by 2020 including an SUV.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter
AirAsia discloses new listing plans under RM6.8 billion units merger
Baltimore’s trapped ships start leaving as new channel opens
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada