SHANGHAI — Genesis, Hyundai Motor Co.’s luxury brand, will roll out locally produced electrified models in China over the next three to five years, according to a Chinese media report.
The vehicles will be developed by Hyundai’s R&D teams in China and South Korea in line with the needs of Chinese consumers, Genesis CEO Zhu Jiang told the Economic Observer at a news briefing in Beijing on March 2. They will be built at one of Hyundai’s existing plants in China, the Beijing business newspaper reported.
Zhu told the paper that Genesis will integrate its flagship stores and experience centers in Beijing and Chengdu to cut costs and improve efficiency. Genesis also will open showrooms in other Chinese cities to increase “touchpoints” with local consumers.
Zhu didn’t elaborate on the vehicles Genesis plans to build.
In 2021, Genesis launched sales of imported vehicles in China. Along with Beijing, Chengdu and Shanghai, the brand has opened flagship stores and experience centers in 11 other Chinese cities. To date, Genesis has sold just over 1,000 vehicles in China, the Economic Observer reported.
Hyundai assembles passenger vehicles for its namesake brand at a joint venture with BAIC Motor Co. in Beijing. Its Kia Motors affiliate also produces cars through a partnership with local investment company Yueda Investment Co. in the east China port city of Yancheng.
Genesis is the second foreign luxury brand that has disclosed plans to produce electrified vehicles in China this year. Toyota Motor Corp. in January announced plans to establish a wholly owned subsidiary in Shanghai to develop and produce full electric vehicles and batteries for Lexus.
China now levies 25 percent tariffs on imported vehicles.
