Hyundai on not creating a prestige brand: "Only Toyota was successful"
#1
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Hyundai on not creating a prestige brand: "Only Toyota was successful"
Another statement where Hyundai gives Toyota/Lexus kudos as they follow their lead but they also slapped the hell out of the other brands.:eek:
http://blogs.wsj.com/drivers-seat/20...luxury-market/
http://blogs.wsj.com/drivers-seat/20...luxury-market/
Hyundai Talks About Its Move Into the Luxury Market
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Hyundai Equus
PALO ALTO, Calif. – It was almost a year ago when Hyundai’s U.S. chief, John Krafcik, and I were driving too fast down a winding hill in the forests near Stanford University to test the brakes on the Equus, an unlikely new competitor in the tony S-Class, 7-series set.
I was asking the question – How is Hyundai doing it? How has Hyundai, in the span of five years or so, gone from an afterthought to the fastest growing automaker on the planet? Krafcik said: “We started setting goals beyond what we knew we could hit.” And then they hit those goals.
The Equus, a $58,000 luxury car with more bells and whistles than the $90,000 Mercedes-Benz it competes against, is just one element of Hyundai’s continued willingness to do things that violate the industry norms. It was the second luxury vehicle the company began selling under the Hyundai badge, after the Genesis full-sized sedan. The Equus has sold 1,171 through May and appears to be on track for the company goal of 2,500 for the year. Meanwhile, the Genesis sold 29,000 last year, more than an Audi A6 and in competition with the BMW 5-series.
Hyundai remains steadfast in its decision to keep its line of luxury vehicles under the Hyundai name. CEO Steve Yang talks about it in today’s story in The Journal.
“We are not interested in a premium brand. We know several companies approached the premium brand. But as far as we know, only Toyota was successful. If people want to think of Genesis as a premium brand, that’s OK. But it’s a Hyundai,” Mr. Yang said.
Hyundai executives have said the company is considering a new compact rear-wheel-drive car that would compete against BMW’s 3-series as well as a crossover sport utility in the RX 350 space Early on it was easy to scoff at Hyundai’s luxury ambitions, but it has become less so. The company continues to grow market share in the U.S. and abroad.
It has now become the practice that as Hyundai launches each new vehicle, executives put up slides with side-by-side comparisons of models from Honda, Toyota, GM and Ford. Hyundai models often cost less and come standard with more options and have more horsepower and better fuel economy. The latest product from Hyundai is the compact Accent. It starts at $12,500, is bigger and cheaper than a Ford Fiesta and gets better mileage.
Earlier this year, Journal auto reviewer Dan Neil wrote a review of the new Elantra compact, which has sold incredibly well since its debut. Here’s an excerpt:
“Except for the fact that it’s not particularly fast, the Hyundai Elantra is a bullet, and that bullet just whistled past Ford’s head. Or maybe grazed its skull. “Hyundai’s freshly redesigned compact sedan—handsome, roomy, richly detailed and stacked to the rafters with standard and optional amenities—would be the best car in its segment (among cars such as the Honda Civic, Toyota Corolla, Chevy Cruze and Volkswagen Jetta), but for the inconvenient existence of the 2012 Ford Focus.”
Getty Images
Hyundai Equus
PALO ALTO, Calif. – It was almost a year ago when Hyundai’s U.S. chief, John Krafcik, and I were driving too fast down a winding hill in the forests near Stanford University to test the brakes on the Equus, an unlikely new competitor in the tony S-Class, 7-series set.
I was asking the question – How is Hyundai doing it? How has Hyundai, in the span of five years or so, gone from an afterthought to the fastest growing automaker on the planet? Krafcik said: “We started setting goals beyond what we knew we could hit.” And then they hit those goals.
The Equus, a $58,000 luxury car with more bells and whistles than the $90,000 Mercedes-Benz it competes against, is just one element of Hyundai’s continued willingness to do things that violate the industry norms. It was the second luxury vehicle the company began selling under the Hyundai badge, after the Genesis full-sized sedan. The Equus has sold 1,171 through May and appears to be on track for the company goal of 2,500 for the year. Meanwhile, the Genesis sold 29,000 last year, more than an Audi A6 and in competition with the BMW 5-series.
Hyundai remains steadfast in its decision to keep its line of luxury vehicles under the Hyundai name. CEO Steve Yang talks about it in today’s story in The Journal.
“We are not interested in a premium brand. We know several companies approached the premium brand. But as far as we know, only Toyota was successful. If people want to think of Genesis as a premium brand, that’s OK. But it’s a Hyundai,” Mr. Yang said.
Hyundai executives have said the company is considering a new compact rear-wheel-drive car that would compete against BMW’s 3-series as well as a crossover sport utility in the RX 350 space Early on it was easy to scoff at Hyundai’s luxury ambitions, but it has become less so. The company continues to grow market share in the U.S. and abroad.
It has now become the practice that as Hyundai launches each new vehicle, executives put up slides with side-by-side comparisons of models from Honda, Toyota, GM and Ford. Hyundai models often cost less and come standard with more options and have more horsepower and better fuel economy. The latest product from Hyundai is the compact Accent. It starts at $12,500, is bigger and cheaper than a Ford Fiesta and gets better mileage.
Earlier this year, Journal auto reviewer Dan Neil wrote a review of the new Elantra compact, which has sold incredibly well since its debut. Here’s an excerpt:
“Except for the fact that it’s not particularly fast, the Hyundai Elantra is a bullet, and that bullet just whistled past Ford’s head. Or maybe grazed its skull. “Hyundai’s freshly redesigned compact sedan—handsome, roomy, richly detailed and stacked to the rafters with standard and optional amenities—would be the best car in its segment (among cars such as the Honda Civic, Toyota Corolla, Chevy Cruze and Volkswagen Jetta), but for the inconvenient existence of the 2012 Ford Focus.”
#2
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Meanwhile, the Genesis sold 29,000 last year, more than an Audi A6 and in competition with the BMW 5-series.
Very rare for Hyundai to give kudos to Toyota. Usually they are making fun of or criticizing Toyota and other brands, mainly with their marketing.
Good to see them acknowledge that they shouldn't get ahead of themselves with the brand as it is right now. They do need to tone down their arrogance and obnoxiousness, but I doubt it will happen. Seems like it's part of their corporate culture.
#3
This is really infuriating to continue to see the media citing this . The Genesis sedan NEVER sold that much. That includes coupe AND sedan. Someone needs to start calling out these journalists for ridiculous mistakes .
Very rare for Hyundai to give kudos to Toyota. Usually they are making fun of or criticizing Toyota and other brands, mainly with their marketing.
Good to see them acknowledge that they shouldn't get ahead of themselves with the brand as it is right now. They do need to tone down their arrogance and obnoxiousness, but I doubt it will happen. Seems like it's part of their corporate culture.
Very rare for Hyundai to give kudos to Toyota. Usually they are making fun of or criticizing Toyota and other brands, mainly with their marketing.
Good to see them acknowledge that they shouldn't get ahead of themselves with the brand as it is right now. They do need to tone down their arrogance and obnoxiousness, but I doubt it will happen. Seems like it's part of their corporate culture.
As for not creating a luxury brand, I seem to remember a certain non-luxury brand who sold a really nice, well-received luxury car for almost 15 years before launching a new luxury car and brand to go with it. Hyundai in time will create a luxury brand, IMO.
#4
This is really infuriating to continue to see the media citing this . The Genesis sedan NEVER sold that much. That includes coupe AND sedan. Someone needs to start calling out these journalists for ridiculous mistakes .
Very rare for Hyundai to give kudos to Toyota. Usually they are making fun of or criticizing Toyota and other brands, mainly with their marketing.
Good to see them acknowledge that they shouldn't get ahead of themselves with the brand as it is right now. They do need to tone down their arrogance and obnoxiousness, but I doubt it will happen. Seems like it's part of their corporate culture.
Very rare for Hyundai to give kudos to Toyota. Usually they are making fun of or criticizing Toyota and other brands, mainly with their marketing.
Good to see them acknowledge that they shouldn't get ahead of themselves with the brand as it is right now. They do need to tone down their arrogance and obnoxiousness, but I doubt it will happen. Seems like it's part of their corporate culture.
#5
It already seems kind of arrogant with the obvious diss on Acura and Infiniti, but in a way they are correct.
As for not creating a luxury brand, I seem to remember a certain non-luxury brand who sold a really nice, well-received luxury car for almost 15 years before launching a new luxury car and brand to go with it. Hyundai in time will create a luxury brand, IMO.
As for not creating a luxury brand, I seem to remember a certain non-luxury brand who sold a really nice, well-received luxury car for almost 15 years before launching a new luxury car and brand to go with it. Hyundai in time will create a luxury brand, IMO.
#6
Hyundai executives have said the company is considering a new compact rear-wheel-drive car that would compete against BMW’s 3-series as well as a crossover sport utility in the RX 350 space Early on it was easy to scoff at Hyundai’s luxury ambitions, but it has become less so. The company continues to grow market share in the U.S. and abroad.
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Welcome to ClubLexus. What brings you to these forums? I ask because I notice you don't own a Lexus.
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#8
Correct I don't. I'm a junior majoring in architectural engineering at North Carolina A&T in Greensboro NC. I want to partake in Lexus discussions since they are one of my favorite luxury car companies.
#10
Lexus Champion
An area Hyundai dealer has been advertising Veracruz, Genesis and Equus together in "Premium Hyundai" ads. Makes you wonder if the next Veracruz will become a Genesis.
#12
The current Veracruz has a nice cabin with good materials it's just that it became dated way too fast with it's anonymous styling.
#14
well, it is a free world after all, but you 95% comment only on hyundai stuff, so lets be real here for a bit, ok? It is ok to like Hyundai on Lexus forums... we are nice that way.
#15
Lexus Champion
The Veracruz has never caught on with buyers. Since they'll need an SUV/Crossover in the Genesis lineup, maybe the next gen VC will feature improved quality, increased content and become part of the Genesis brand.