[Sabbasaun]

Looks like the Genesis Sedan production is going to slow down as Hyundai tries to react to a sluggish economy.

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HYUNDAI MOTOR TO CUT BUS OUTPUT BY 26PCT ON SALES SLUMP
Fri. November 28, 2008; Posted: 01:30 AM

JEONJU, South Korea, Nov 28, 2008 (AsiaPulse via COMTEX) -- Top South Korean automaker Hyundai Motor Co. (KSE:05380) said Friday it will cut production of its buses by 26 per cent from next month on sluggish demand.

Hyundai will reduce overtime production by four hours a day and halt weekend output at its bus factory in Jeonju, 243 kilometers southwest of Seoul, a company official said.

"If the overtime and weekend production are reduced, the plant's monthly output will fall to about 4,000 units from some 5,400," the official said.

Hit by a sharp downturn in the global economy and stubbornly weak domestic consumption, Hyundai has been eager to slash costs.

On Thursday, the automaker said it will cut production of its Genesis luxury sedans, Verna compact cars and Click mini cars at its main plant in Ulsan, 414 kilometers southeast of Seoul, beginning next month.

Hyundai and its affiliate Kia Motors Corp. (KSE:000270), control more than 70 per cent of the auto market in South Korea.

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original article is here:
HYMOF HYUNDAI MOTOR TO CUT BUS OUTPUT BY 26PCT ON SALES SLUMP

 

[Lord Calvert]

Not many people buying Luxury cars right now, its a shame the Genesis Sedan came out when the economy is like it is, makes me wonder what its future will be.

 

[Tufast]

Got faith

I've got faith that the Genesis will survive, but maybe not thrive. It still gets pretty good gas mileage for a car its size & is a base GenCoupe difference in price compared to competition. In these hard times people that still want a new luxury car, but are afraid of committing to $60k+, are going to give the Genesis a look. But only time will tell.

 

[Sabbasaun]

Not many people buying Luxury cars right now, its a shame the Genesis Sedan came out when the economy is like it is, makes me wonder what its future will be.

I've got faith that the Genesis will survive, but maybe not thrive. It still gets pretty good gas mileage for a car its size & is a base GenCoupe difference in price compared to competition. In these hard times people that still want a new luxury car, but are afraid of committing to $60k+, are going to give the Genesis a look. But only time will tell.

Yeah the economy sucks but maybe that will work in Hyundai's favor. Time will tell whether people will keep buying $60-90,000 when they can get the same thing for ~$40,000. I did ask friend who drives a BMW 330i who is considering upgrading to a 5 series if he would consider a Genesis. He took a long pause and pretty much said if Hyundai were to give him one, he'd drive it. lol So I guess everyone does have their price! haha, anyways, my friend is in the mortgage industry and most of his co-workers drive a Mercedes, Land Rover or one of the Japanese cars. So getting into a Hyundai would be like a getting into a cheap suit to them even though it is on par with all the other cars for much less. Ohwell people and their pride and perceptions.

 

[Lord Calvert]

Thats a tough shell to crack, people are going to always want the Mercedes and BMW's its a name and status thing I guess. Plus its German Engineering but I'm biased on that HAHA!:rofl:

 

[Sabbasaun]

Thats a tough shell to crack, people are going to always want the Mercedes and BMW's its a name and status thing I guess. Plus its German Engineering but I'm biased on that HAHA!:rofl:

Yeah but I think BMW and MB will have a tougher time getting the middle class and upper middle class to buy their high end cars. All of the manufactures are suffering and other than "heritage" and a namesake they don't have a whole lot else to justify charging $30-60,000 more for their cars. It's all about VALUE to me right now in this economy and I don't think value when I think BMW or MB.

 

[Lord Calvert]

I was looking at the october sales and what I found surprising because I thought you would be right about sales going way down for BMW and MB in this economy. Is that BMW sales for October only went down 13.9 % from the year before if you take into account Mini Cooper also which they make it is only 5%. They are 1 of only 5 brands under 25% loss. Hyundai went down 31% for October there only car that gained percentage is the Genesis Sedan a luxury car. I guess the people are still buying luxury cars.

 

[Sabbasaun]

I was looking at the october sales and what I found surprising because I thought you would be right about sales going way down for BMW and MB in this economy. Is that BMW sales for October only went down 13.9 % from the year before if you take into account Mini Cooper also which they make it is only 5%. Hyundai went down 31% for October there only car that gained percentage is the Genesis Sedan a luxury car. I guess the people are still buying luxury cars.

Not as bad as I thought..I wonder though if BMW has been losing sales the prior year? Maybe they've been going down the last couple years too. Who knows.. :Hmmm:

 

[[email protected]]

Give us the coupe to buy to jump start the sales!

 

[Tufast]

Yeah, most people consider the sedan blah with respect to overall design, but the coupe is like the polar opposite & has gotten a tremendous amout of followers. So, maybe it will generate enough sales to pull Hyundai ahead of the game.

 

[GTsolutions]

My gf just picked up a used '06 Lexus is250 as a DD for over $8k below retail. She basically paid trade in price otd, the car was sold for less then what you would get for trade in for it!

I was so tempted to get another is250 they had or even a gs300 but decided to hold out and be paitence. My suv is boring as sin and i love driving her lexus now!!! granted its slow as balls, its so comfy and sporty with the handling.....

come on HYUNDAI !!!