After growing sales every year since the launch in Australia in 2019, Korean luxury brand Genesis Finally a stumbling block last year. However, it expects to turn things around this year.
According to VFacts figures, Genesis deliveries fell by 26.9 percent in 2024 compared to the previous year, with 1400 vehicles that customers reached.
This was a sharper decline than Rivals Lexus (10.2 percent) and Audi (19.5 percent).
Genesis was still short of these brands, as well as BMW and Mercedes-Benz, although Jaguar, Alfa Romeo and Maserati defeated.
Justin Douglass, the local boss of the Hyundai brand, said he expected to increase deliveries in 2025 compared to last year.
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Genesis says it does not share sales goals, and his global boss told Australian media that the emphasis is on his existing clientele.
“At Genesis we really try to prevent sales goals from being set. If we only set figures, we will become the slave of this, “said Genesis’ worldwide CEO Mike Song.
“Instead, we really want to build the relationship. We don’t sell cars, we just build a relationship.
“Until now we have successfully built more than 5000 relationships with the Australian customers and each of these customers is very important for our company.
‘We just had a meeting [Mr Douglass] Here, rather than bringing more new customers … we do more to existing customers to surprise this 5000. In the short term, that is our ultimate goal. “
Genesis has acknowledged that many Australians are still not aware of it.
“Awareness of the brand is slow,” said Andrew Tuitahi, director of marketing and product for Hyundai Motor Company Australia.
“I would say that from a local perspective, brand awareness is probably the biggest challenge we have.
“We took a few steps last year to try to accelerate some recognition, consciousness and consideration of the Genesis brand in Australia.
“We have seen a few shifts in that area and I think we will continue to see some services here in the course of this year.
“We have a number of other brand marketing assets that go live in the course of 2025.”
Genesis’ local boss had an explanation why deliveries fell in 2024.
“2023 deliveries … was the result of a pretty challenging period with disruptions of supply as a result of Covid, because of semiconductors there were also enormous logistics challenges during that period,” Mr Douglass said.
“During that period we were able to build a fairly important bank bank of the customer, we just couldn’t deliver them within that year. So many of those orders were delivered in 2023. “
He blamed the decrease in deliveries in part of a revitalization of her retail network.
In short, some locations were temporarily out of use, a loss felt sharp when Genesis has fewer than 10 national store locations.
“We also took the opportunity during that period to also invest in facility upgrades, so at that time we didn’t really have a suitable offline backup and as we did it,” said Mr Douglass.
“What we found is that a large number of customer orders came through, but we had also disrupted our sales potential by clearly the showcase developments.
While the delivery figure published in VFFFTS represented a decrease, Mr Douglass said: “In 2024 we had a very positive year with regard to customers who bought our vehicles.”
“In a falling market that fell by around 11 percent, our order percentage actually grew by 17 percent on an annual basis.
“So again the positive for us in a market that falls, in the reported results. But we are aware of it, of course we have grown year-on-year, so that is again, that is a very positive sign for the brand and we are expected to grow this year last year and all signs early in January are very positive too. “
He claimed that there is “enormous potential for Genesis to keep growing” in our market.
Fresh product comes in the form of the updated electrified GV70 and electrified G80 during the first half of this year and the faceled GV60 in the third quarter, while the first vehicle of the new Magma high-performance line of Genesis will bring at the beginning of next year.
The brand is currently selling vehicles under a fixed price via showrooms in the factory, although this year is planning to open one or two locations with “deskpartners” that does not have it.
This may make it possible to expand geographical footprint in our market, where these new locations offer the same sales and aftersales experience as stores in the factory.
Although Genesis does not allow the prices to be prices, it currently offers what the “Deposito contribution” calls.
Until 28 February 2025, Genesis offers $ 8000 discount on model year 2025 (MY25) GV80 vehicles, $ 10,000 discount on My25 GV80 Coupé vehicles and $ 5000 discount on My24 GV70 vehicles if you buy through the Genesis Finance Arm.
“The deposit contribution is really well resonated and it has been quite successful for us since we have implemented it,” said Douglass.
When asked whether these offers can be extended to other models, he said, “It is absolutely possible.”
Genesis says that it has no abundance of stock on the ground, although Mr Douglass said that the brand has ‘a healthy mix of vehicles on the spot’ for customers who do not want to wait two to four months for a building -to -order vehicle.
When asked whether the important discounts, in particular GV80 vehicles, indicate the fear of buyers at the price, Mr Douglass said: “I think we are still very well positioned in the market.”
