Korean auto brand Hyundai is exploring the possibility of bringing its luxury car brand Genesis to the Indian market to compete with the likes of Mercedes-Benz, BMW, Audi and Jaguar Land Rover.
“We are strategically evaluating the introduction of Genesis, Hyundai’s global luxury marque. This aligns with our aspiration to serve the evolving expectations of discerning Indian consumers,” Tarun Garg, whole-time director & chief operating officer, Hyundai Motor India, said in the company’s 29th annual report.
During FY25, the company set up a team to explore the options for getting Genesis into India. It appointed Anuraag Singh as the vertical head of Genesis India. Genesis has a mix of purely electric and internal combustion engine products.
The initiative to bring Genesis to India signals Hyundai’s intentions to further elevate its brand in the premium category. Previously, the company exited the small car segment with the discontinuation of models like Eon, Santro and i10 to focus on relatively more premium cars like Creta.
Tapping into a Growing, but Competitive, Luxury Market
The luxury car market in India clocked about 50,000 units last year led by Mercedes-Benz, followed by BMW and Jaguar Land Rover. The segment is little over 1% of India’s total passenger vehicle market which is 4.3 million a year.
Genesis’s website shows the cheapest model – G70 – priced at $42,500 (Rs 37.31 lakh), while the most expensive model – G90 – priced at $89,700 (Rs 78.75 lakh). The fully electric – GV60 – is priced at $52,350 (Rs 46 lakh).
Hyundai’s domestic sales were under pressure during FY25 with its market share falling to 14% from nearly 15% clocked in FY24. Its sales declined 3% to 598,666 units during last year compared to FY24. Hyundai has committed to rolling out 26 new vehicles in India by FY30.
Following Toyota’s Path and Future Outlook
If Hyundai goes ahead with the launch of the Genesis, it will follow in the footsteps of Toyota, which, some years ago, had launched its luxury brand Lexus in India. Like most of the models of Mercedes-Benz, BMW, Audi and Jaguar Land Rover, Lexus cars are also made in India.
Another Japanese brand Honda was previously contemplating bringing the Acura brand of luxury cars to India. Its plans, however, remained on paper.