Competitive in Terms of Performance, Price
The Genesis G70 is setting a new record in the Korean premium sports sedan market. The domestic and global sports sedan market has been dominated by the BMW 3 Series, the Mercedes-Benz C-Class and the Audi A4. Yet in Korea and the United States, G7 sales volume has surged, outclassing sports sedans from other brands.
The Genesis sports sedan G70 sold 1,662 units in Korea in April, up 50.7 percent from the same month a year ago, said the Korea Automobile Manufacturers Association and Hyundai Motor on May 6. In March, the company sold 1,757 units of the G70, up 42.5 percent year on year, setting a new monthly sales record since its launch in 2017.
Average monthly sales of the Genesis G70 are 1,534 units, eclipsing German brands’ entry-level sports sedans. The BMW 3 Series, which has enjoyed a solid position in the global D segment market, sold about 600 units a month in the Korean market this year. In particular, sales reached a mere 624 units in April despite the launch of the 7th-generation new 3 Series in the Korean market. The Mercedes-Benz C-Class, which boosted its marketability through a partial change (facelift) last December, has also been limited to 700 cars in monthly sales.
The Audi A4 was not sold in Korea due to a certification issue this year, while the Jaguar X sold about 60 units a month. BMW has not been aggressively selling the 7th-generation new 3 Series due to a small volume allocated to the Korean market. The facelifted C Class being sold in the Korean market is mostly diesel models whose popularity is on the decline in Korea. These factors also contributed to the rise in G70 sales.
The G70 is ahead of German sports sedans in terms of performance and prices in the Korean market, car experts say. In December of last year, MotorTrend named the G70, a Korean car brand, as the Car of the Year for the first time since its foundation in 1949. The G70 was also honored as the Car of the Year at the Detroit Motor Show. The model has proved its competitiveness through evaluations in the market. Its sales started to rebound at the end of 2018 and reached the 1,500 unit level of monthly sales this year. Its dealership network has been organized not only in the Korean market but in the North American market. Its monthly sales have risen to 1,600 units this year from 200 units last year in the North American market.
Hyundai’s sales strategy for the G70 has paid off handsomely as well, automobile industry sources say. The 2.2-liter gasoline turbo G70 model has a maximum output of 255 horsepower and can be purchased for 40-plus million won even with luxury options. The price of the 7th-generation BMW 330i model, a rival model with similar output to the G70, can rise up to 65 million won. Most of all, the 3.3 turbo G70 model has an output of up to 370 horsepower and costs 50-plus million won. Its competitors are the BMW M340i and the Benz C 43 AMG which will be launched in the second half of this, but each of the two models will cost over 70 million won. Even if a consumer gets a discount, they will be more expensive than the G70. The G70 is receiving good reviews for its interior design as well.