Geniseis, a name that is both familiar and unfamiliar to Chinese consumers.
Last year, Geniseys officially announced its entry into the Chinese market, but in fact, this is also the three palaces of Genisesis, the predecessor of Genisesis is Genesis, who entered the domestic market in 2008, to the later Genesis, in 2014 to succeed Genesis to continue to open up the domestic Korean luxury car market, and then to the 2021 Jenyses, this is already the third time that Geniseys has entered China, and the first two times into China, are all failures, and this time, Can Genises succeed? The answer could disappoint Hyundai's top brass once again.
In the first quarter of this year, Genissy sold a total of 308 new cars in China. The average sales volume per month is only about 100 units, and Genises has launched three models in China, that is to say, the average monthly sales of each model is less than 40 vehicles, in fact, this sales data is enough to explain the problem, that is, the Chinese auto market can no longer accommodate a car brand such as Genisesy. And Geniseith's failure was already doomed.
Self-sustaining, high pricing
At present, There are three models in China, the medium and large sedan G80, the medium and large SUV GV80, the guiding price range is 362,800-433,800 yuan, 529,800-618,800 yuan, and the intermediate sedan Jinises G70 is priced at 24.98-35.50 million yuan. I have to say that the power of Genisesy's car products is indeed no problem, G80 and GV80 two cars, the whole series of standard 2.5T + 8AT power. It is more sincere than the low-end 2.0T engine of the BBA model, and if you really go to see the real car, the interior design, workmanship, and materials of this car will definitely leave a very deep impression on you, and it is indeed the texture that a luxury brand should have. The quality stability of Geniseis is also outstanding, and it is definitely the top level among luxury brands.
However, Geniseys' pricing is a little too confident. The G80 priced at 362,800-453,800 yuan is basically at the same level as BMW 5 Series, Mercedes-Benz E-Class, Audi A6L and other models, priced at 529,800-618,800 yuan GV80, which will compete head-on with Lexus RX, Volvo XC90 and other models. And considering that BBA basically has a relatively large terminal discount, in fact, the price of Genisys is more expensive than some models of BBA. For such a luxury brand with no brand foundation, such pricing is not too confident.
The brand influence is weak and lacks a sense of identity
Geniseith positions itself as a high-end luxury brand, at least the same Level brand as BBA and Lexus. It also has a lot in common with Lexus, such as adhering to full imports, excellent quality stability, and significantly higher than second-tier luxury brands such as Cadillac and Volvo in positioning.
However, in addition to the first-line lineup of domestic luxury brands "BBA", there are second-tier Lexus, Cadillac, Volvo, Lincoln, etc., Genissys wanted to benchmark the BBA as soon as it came, but ignored one point, that is, the biggest challenge facing Genisais is not the product, but the brand recognition and recognition. You buy Genises, many people will say, why do you buy a Korean luxury brand, as we all know, the current sales of Korean cars in the domestic market has shown an avalanche momentum, and even let the prospects of Geniseis be dusted, luxury car brands, selling is not mainly products, but brand characteristics and sense of identity.
For example, mercedes-benz luxury, Audi technology, BMW's control sports, Lexus's stability and comfort, Volvo's safety, Lincoln's quiet and American luxury, but the positioning of Genises is still relatively vague, sports, comfort, luxury, stability, it seems to be its product label, but there is no main feature. In addition, buying a luxury brand is actually buying a sense of identity with this brand. You recognize Volvo's Nordic design, the concept of safety and environmental protection, you recognize Lincoln's quiet way, you will choose it, but what sense of identity do the Chinese people have for Genisesy?
Therefore, the third entry of Geniseis into China this time, the probability will also be a dismal ending, it is difficult for the Chinese people to recognize a Korean luxury car brand, it is even more difficult to recognize its price to catch up with BBA, "three into the palace" of Jenisais, may not be far from exiting the Chinese market.