NEW YORK — When Hyundai Motor launched its Genesis luxury brand domestically in 2016, many were skeptical the South Korean automaker — recognized mainly for budget vehicles at the time — knew what it was doing.
Among the skeptics were auto industry veterans Randy Parker and Claudia Marquez. Both were working for Nissan’s luxury Infiniti brand at the time and they’ve since made the leap over to Hyundai Group, with Parker leading the Hyundai brand in the U.S.
“We both were looking at it like, ‘Oh, my God, how are these guys going to be able to make it?’ I mean, nothing against. It’s just complicated. A new brand in such a competitive set,” Marquez, who now leads Genesis in North America, told CNBC last week at the New York International Auto Show.
Not only has Genesis made it, the brand has thrived to become a dark horse in the U.S. luxury market with unique styling, unexpected comfort and well-ranked quality. It’s done so with both gas-powered and electric vehicles.
Patricia Wayne, first all-electric GV60 customer and Claudia Marquez (right), chief operating officer, Genesis Motor North America, at Genesis Santa Monica, Santa Monica, Calif., May 26, 2022.
Genesis
The brand has overtaken the decades-old Infiniti brand in annual U.S. sales since 2022. Executives expect to continue annual double-digit growth over the next five years, according to Marquez, who was named Genesis’ North American chief operating officer in October 2021.
“We have to outpace, by far, the luxury market,” she said. “It’s going to continue being strong. It has to be a marathon, not a sprint.”
Genesis started as a vehicle in Hyundai’s lineup but the company announced in late 2015 that it would become its own brand. Since then, its U.S. sales have grown from fewer than 7,000 vehicles in 2016 to more than 69,000 last year.
Growing awareness
Along those lines, Marquez and José Muñoz, Hyundai president and global chief operating officer, noted that while robust Genesis’ growth is expected, it will…
Read the full article here
