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How's the Genesis selling? Hyundai's marketing VP spills the beans.
It's no secret that Hyundai's big push upmarket has come at a difficult time. With monthly sales plummeting and available loan capital shrinking, the Genesis sedan has seemingly picked an inopportune moment to roll onto America's bloodied dealership forecourts. In spite of this, the Korean automaker expects for sales to surge by 4 percent in 2009. Part of that increase will be on the back of inexpensive models like the new Elantra Touring, but the Genesis sedan will also have to carry some water for the automaker.
All of which has us wondering... how are sales of the Big Hyun going so far? Well, according to a new article by MediaPost, pretty darn well. The marketing publication interviewed the company's U.S. vice president of marketing, Joel Ewanick, and while he acknowledges the tough sales environment, he builds a pretty compelling case.
Among them: Over the past 90 days, the Genesis has sold "at or near objectives" and the company considers its performance to be "a very healthy launch." The sedan went on sale in July, and dealers have shifted 5,127 units thus far, including 1,151 last month. Ewanick notes that fully 90 percent of all Genesis buyers are originating outside of the brand, including 40 percent that "have traded in vehicles like Lexus, BMW, Mercedes, and Porsche." In addition, the Hyundai veep believes that the Genesis has helped contribute to brand-building, citing awareness and consideration figures that have jumped 25 percent in 2008 alone.
Judging by Ewanick's remarks, while the Genesis sedan may not be blowing out initial sales projections, it is performing solidly. Perhaps a down economy is exactly the right sandbox for the value-conscious Genesis to play in after all.
[Source: MediaPost]
It's no secret that Hyundai's big push upmarket has come at a difficult time. With monthly sales plummeting and available loan capital shrinking, the Genesis sedan has seemingly picked an inopportune moment to roll onto America's bloodied dealership forecourts. In spite of this, the Korean automaker expects for sales to surge by 4 percent in 2009. Part of that increase will be on the back of inexpensive models like the new Elantra Touring, but the Genesis sedan will also have to carry some water for the automaker.
All of which has us wondering... how are sales of the Big Hyun going so far? Well, according to a new article by MediaPost, pretty darn well. The marketing publication interviewed the company's U.S. vice president of marketing, Joel Ewanick, and while he acknowledges the tough sales environment, he builds a pretty compelling case.
Among them: Over the past 90 days, the Genesis has sold "at or near objectives" and the company considers its performance to be "a very healthy launch." The sedan went on sale in July, and dealers have shifted 5,127 units thus far, including 1,151 last month. Ewanick notes that fully 90 percent of all Genesis buyers are originating outside of the brand, including 40 percent that "have traded in vehicles like Lexus, BMW, Mercedes, and Porsche." In addition, the Hyundai veep believes that the Genesis has helped contribute to brand-building, citing awareness and consideration figures that have jumped 25 percent in 2008 alone.
Judging by Ewanick's remarks, while the Genesis sedan may not be blowing out initial sales projections, it is performing solidly. Perhaps a down economy is exactly the right sandbox for the value-conscious Genesis to play in after all.
[Source: MediaPost]
