Beyond Expectation

Genesis EQ900 is expected to achieve 20,000 sales contracts in the local market in four months since its release in Nov. last year.
Genesis EQ900 is expected to achieve 20,000 sales contracts in the local market in four months since its release in Nov. last year.

 

The Genesis EQ900 is getting popular. In Dec. last year, dealers took in more than 10,000 sales contracts for the model. About 4,000 to 5,000 sales contracts have been also signed every month this year, showing a steep growth. When the current trend continues, this week is expected to be the starting point to achieve 20,000 sales contracts in four months since its release in Nov. last year.

 It is rare and unprecedented even in the global market that the sales contracts for a luxury sedan worth up to 100 million won (US$80,873) are continuously going through. The main reason for the growth is its popularity among high-ranking officials from conglomerates at home. As the EQ900 is considered the high-end model that competes with premium automakers, more and more executives at conglomerates are buying the model.

 According to auto industry sources on March 1, the cumulative sales contracts for the EQ900, Hyundai Motor’s top-of-the-line model for its new Genesis luxury brand, exceeded 19,000. With the contracts for 5,000 units in Jan. and 4,000 units in Feb. this year, 9,000 units were sold in two months alone. The preorder run-up fever that began in Nov. continued after Dec. when the formal contracts for the model started.

 As more than 1,000 sales contracts are signed a week, its sales are expected to surpass 2,000 units this weekend. Compared to the annual sales of the Equus, Hyundai’s existing full-size sedan flagship model, reaching 5,158 units last year, the EQ900 will be sold four times as much as the Equus’ in just four months.

 

 

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