Hyundai to launch luxury models in China
20 September 2007
One Comment
The Korean car maker Hyundai are planning to launch their upmarket luxury car in China later next year with the aim of getting into the ever expanding luxury car market and carve out a portion of the pie that has long been with the likes of Mercedes and BMW.
Sales have been going down hard and fast for Beijing Hyundai over the past few years, this year they were forced to lower their sales forecast amid intense pressure from other brands that have newer, nicer looking models. BMW and Mercedes have seen their sales double in the past year, hence Hyundai’s decision to enter the luxury segment.
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That is a big gamble for what is perceived as a “foreign” manufacturer even though Hyundai are very well established in Beijing. One of the things I notice in China is that some vehicle brands tend to be “regionalised”
For instance you do not see too many Hyundais running around Shanghai. Obviously the size of the country and the high transportation costs are partly to blame for this.
I hope they have not set their sights too high otherwise they might be dissapointed in the low sales volume.