According to Chinese media reports, Hyundai Motor’s luxury brand Genesis – According to Chinese media reports, locally produced electrified models will be launched in China within the next three to five years.
Beijing CEO Zhu Jiang told the Economic Observer at a press conference in Beijing on March 2 that Hyundai will develop in China and South Korea based on the R&D teams in China and South Korea. They will be built at one of the existing factories in China.
Zhu told the paper that Genesis will integrate its flagship store and experience center in Beijing and Chengdu to reduce costs and increase efficiency. Genesis will also open showrooms in other Chinese cities to increase the “touch points” for local consumers.
Zhu did not elaborate on Genesis’s vehicle manufacturing plan.
In 2021, Genesis launched the sale of imported vehicles in China. The brand has opened flagship stores along with Beijing, Chengdu and Shanghai, and has opened experience centers in 11 other Chinese cities. Genesis has sold more than 1,000 cars in China so far, according to the Economic Observer.
Hyundai assembled passenger cars for its brand of the same name in a joint venture with Beijing-based Baic Motor Co. Its Kia Electric Motors branch also produces cars through a partnership with local investment company Yueda Investment Co.
Genesis is the second foreign luxury brand that disclosed plans to produce electric vehicles in China this year. Toyota Motor Corp. announced in January that it plans to establish a wholly owned subsidiary in Shanghai to develop and produce all-electric vehicles and batteries for Lexus.
Now, China imposes a 25% tariff on imported vehicles.
