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Hyundai: Making economic strides in the auto industry
Hyundai has held the image as an automotive company that offers low price points on vehicles that are reliable for the consumer. Hyundai parts from O2 Sensors to body parts have been noted as being of great quality. Ironically, parts like a Hyundai Elantra O2 Sensor can be actually from the same supplier as a Lexus IS300 O2 Sensor despite the possible difference in price. Hyundai has now released The Genesis, which has been associated at the “luxury” level and challenges European based companies. The Genesis’ coupe version has seen remarkable success and it has exceeded a lot of expectations for the company with its sales potential. Similarly, Hyundai vehicles like the Sonata have been doing outstanding recently and have surprisingly passed some sales of American-made models by companies like General Motors. However, many doubt the future for the Genesis as they think it will not be up to par to its competitors.
Does Hyundai have the man-power and reputation to really compete with European luxury models like Mercedes-Benz, Audi, or BMW? It seems like The Genesis may have had an early growth spurt with success because of its lower price points for the luxury class. But, ultimately, what will this do for the Hyundai brand? It seems like a lot of consumers have recently just decided to give Hyundai “a try” because of their economic climate and their curiosity about the brand. It should be interesting to see if The Genesis will break the ice for the company and help it fit into a category that includes some of the bigger players of the game while delivering quality parts.