South Korea’s Hyundai Motor Co. released their first new sedan under the premium Genesis marque in Seoul hoping to strengthen the brand’s placement in the luxury segment and to make up for their lack of strong SUV releases. The G70 is the third sedan to carry on the Genesis name but is also the first to be marketed exclusively under Hyundai Motor’s premium brand. The sedan’s starting price is $33,000 as it competes against BMW’s 3 series and Kia Motor’s Stinger sedan.
The company plans to launch the G70 in the United States by early 2018 as they expect annual sales of over 60,000 G70 sedans globally. The Genesis line up is also expected to grow to 6 by 2021 with the planned addition of two SUV’s and an electric vehicle. In America, Hyundai’s SUVs made up 35% of the company’s total U.S. sales from January to August this year which is way lower than the industry’s 62%. Sales in China also dropped more than 60% in the second quarter due to the lack of strong SUV line up and political tensions between that country and South Korea over North Korea’s nuclear weapons program.