MOSCOW/SEOUL, March 22 (Korea Bizwire) – Hyundai Motor Co. has launched a Genesis premium sedan in Russia to gain a share in the emerging market, the company said Wednesday.
The country’s biggest carmaker by sales introduced the G80 sedan, an upgraded version of the second-generation Genesis (DH) unveiled in 2013, at an exhibition hall in Moscow. The prices range from 49.5 million won (US$44,000) to 66 million won depending on features, a company spokesman said.
“Overall vehicle demand in Russia is on the decline due mainly to low oil prices and economic slowdown. But we are targeting to make a presence in the local premium car market,” a company spokesman said.
The G80 sedan is the second Genesis model launched by Hyundai Motor in Russia. It comes in two trims — a 2.0 turbo engine model and a 3.3 turbo engine model, the company said.
Previously, Hyundai placed the luxury G90 sedan, known as the EQ900 in South Korea, in the market in September last year. Three models with a 3.3 turbo engine, a 3.8 gasoline engine and 5.0 gasoline engine were introduced there, it said.
For the whole of 2016, Hyundai sold a total of 4.86 million autos last year, slightly down from 4.96 million units a year earlier. It aims to sell 5.08 million this year.
Russia is “still a growing market” for Hyundai given it sold 145,000 units there last year, the spokesman said.
Hyundai’s net profit fell 12 percent to 5.7 trillion won from 6.5 trillion won a year earlier on global economic slowdown, weaker currencies in emerging markets and tougher competition with rivals, according to a regulatory filing.