Hyundai to challenge Germans with luxury car aimed at European diplomats
LONDON (REUTERS) - South Korean carmaker Hyundai will try to lure away high-end European buyers including diplomats from their comfort zone of German luxury models with a new, pricier Genesis car to be launched next month.
The traditionally mass-market producer, which has focused on the value end of the market, said on Tuesday it would launch its latest Genesis sedan in Europe at the Geneva International Motor Show next week, eying German premium rivals.
Several car manufacturers including BMW, Audi and Daimler dominate the premium market in countries such as Britain where German brands hold a more than 80 percent share of the top-end market.
Hyundai Europe Vice President and Chief Operating Officer Allan Rushforth gave no price for the new model, but said only a fairly small number of vehicles would be marketed, with a focus on niche buyers.