As part of its plans to increase global sales of its luxury brand Genesis by 10% in 2022, Hyundai Motor said this week that it will launch updated models that will contribute to the increase in sales. During the first half of 2020, the Hyundai Motor Group brand launched its GV80 midsize crossover in a splashy Miami debut, but then had to deal with regulatory hurdles as it battled to launch the GV80 and the redesigned G80 sedan. As a result of delays, those two launches were moved into December from their summer plans.
In the first half of 2022, Genesis has sold more cars than it did in the same period the previous year, according to published sales figures. During the second quarter of 2022, the luxury marque Genesis sold 13,945 vehicles; Genesis sold 11,076 vehicles. In 2022, Genesis sold more than it did the previous year for a reason and we are going to discuss about what contributed to the total increase in the sales for the automobile company
The Era of Electrification of Automobiles
Genesis is not yet a fully electric car brand but the future is headed that way. Their new electric cars such as the GV60, GV70, and GV80 have sold 8948 units during the second quarter of this year. The sales of these cars were at their peak during the time of June with 2,352 units being sold.
How do electric vehicles appeal to people?
Among the many reasons for the rapid adoption of electric vehicles is that they are more environmentally friendly when compared to fossil fuel-burning automobiles that currently dominate our streets and highways, which is one of the many reasons for their popularity.
The fact that gas prices have been at record highs this year doesn’t hurt either, with some locations already reaching five dollars at the beginning of the summer in the US.
Rather than using fossil fuels like petrol or diesel to power their vehicles, electric vehicles use electricity to charge their batteries instead. Due to the efficiency of electric vehicles, combined with the comparatively cheap cost of electricity, charging your electric vehicle for your travel requirements will be cheaper than filling up your car with petrol or diesel.
Factors for the increased sales of Genesis automobiles
Genesis has finally begun to spread its wings as the U.S. market emerges from the pandemic with renewed vigor, just at the same time that Genesis is spreading its wings. Genesis is establishing itself as a major force in the luxury market despite semiconductor shortages and an industry that is grappling with a shortage of semiconductors.
To date, sales for the month of May have increased 149 percent over the same period last year. Moreover, the brand’s six-year journey will be marked by a major milestone in the middle of the year, the launch of the GV70 compact crossover, which the company expects will become the brand’s top selling model and boost the brand’s overall sales by double or triple.
There were 5,180 Genesis cars sold in the U.S. in July, up 312 percent from the corresponding period last year, marking the company’s strongest month since its entry into the market, Hyundai Motor Co. said in an interview. Over the past three months, sales have been on an upward trend, surpassing the previous record high for three consecutive months in a row.
There has been a 178.3 percent increase in sales for the company from January to July. The company sold 24,478 units during this time period. Compared to the first two months of last year, Genesis’ sales have grown by 75 percent over the first two months of this year. This is almost entirely due to the success of Genesis’ first SUV, the GV80, which made its debut in the first two months of the year.
Related News on Genesis Sales
A new study commissioned by JD Power and Associates has identified Genesis as one of the top premium brands in the US in the 2022 US Initial Quality Study, further strengthening its position by three positions from the year before. All of the Genesis models in the study performed better than the segment average, which is quite an achievement for the brand, as it represents a significant achievement for the company.
According to Genesis, by the year 2023, it aims to sell 20,000 units annually and to move up its market share to 8.6 percent of the global market for flagship sedans with a capacity of 230,000 units from 3.1 percent in 2021.
As part of an effort to achieve this goal, the all new G90 flagship sedan has been launched in the domestic market on Thursday, as well as overseas launches in countries such as the United States and the European Union scheduled for the near future.
During the course of the next five years, Hyundai Motor Company is expecting its global sales, including Hyundai, Genesis, and Ioniq brands, to increase by over 11% to 4,323,000 vehicles in 2022, according to the company.