New york- In 2016, Hyundai Motor’s bold move to launch its Genesis luxury brand in its domestic market surprised many skeptics, who doubted the South Korean automaker’s ability to compete in the luxury vehicle segment dominated by established players.
Notable among the doubters were industry veterans Randy Parker and Claudia Marquez, who were then with Nissan’s luxury Infiniti brand. However, both Parker and Marquez have since joined the Hyundai Group, with Parker now at the helm of the Hyundai brand in the U.S. This shift highlights the changing landscape of the automotive industry as Hyundai’s Genesis brand emerges as a dark horse in the fiercely competitive U.S. luxury vehicle market.
“Both of us were skeptical, thinking, ‘How will these guys pull it off?’ I mean, no disrespect, but it’s a complex challenge—launching a new brand in such a competitive market,” Claudia Marquez, who currently heads Genesis in North America, shared with CNBC last week during the New York International Auto Show.
“Genesis has not only succeeded but thrived, emerging as a dark horse in the U.S. luxury market with its distinctive styling, surprising comfort, and high-ranking quality. The brand’s success extends to both gas-powered and electric vehicles.” Since 2022, Genesis has surpassed the decades-old Infiniti brand in annual U.S. sales. Executives anticipate maintaining annual double-digit growth over the next five years, as stated by Claudia Marquez, who assumed the role of Genesis’ North American Chief Operating Officer in October 2021.”We have to outpace, by far, the luxury market,” Marquez emphasized.
“It’s going to continue being strong. It has to be a marathon, not a sprint. “Genesis initially began as a vehicle within Hyundai’s lineup, but in late 2015, the company announced its transformation into a standalone brand. Since then, its U.S. sales have surged from fewer than 7,000 vehicles in 2016 to over 69,000 last year. For the short term, Genesis is looking to grow awareness and sales with new “Magma” performance models. It intends to offer a performance variant for each production vehicle, the company said last week in conjunction with the auto show in New York.
