South Korea's leading automaker Hyundai Motor Co. will not raise the prices of its first Genesis model much just because of the recently announced brand change, a high-ranking company official has said.
The EQ900, the top-of-the-line model of six Genesis models to be developed, will be officially launched Dec. 9 in the domestic market, the vice president-level official said. Its overseas edition, the G90, will be introduced early next year.
"We will not raise the prices of the EQ900 significantly just because of the brand change," the official told the English edition of Yonhap News Agency on the sidelines of its media preview held Tuesday in Hwaseong, south of Seoul.
"Granted, there could be a rise in prices due to the upgrade of parts and the application of the latest technologies, but we can say that the prices will not change much compared with the previous Equus model," he noted.
Last week, Hyundai Motor launched Genesis as its independent global brand, throwing down the gauntlet to other premium brands, including the 7-series of BMW, the S-class of Mercedes-Benz and Lexus of Toyota.
Six models, including the EQ900, a midsized car, an SUV and a sports coupe, will be developed under the new brand. The current second-generation Genesis model will be renamed the G80.
In the media preview, Hyundai Motor disclosed details, such as the overall designs, sizes and powertrains, but did not provide fuel efficiency and price ranges of the new models.
The previous Equus model prices range from 68 million won ($58,700) to 110 million won depending on its powertrain and other options. Some market watchers are expecting a price hike for new Genesis models in line with the launch of the global brand.
Genesis has been the name of Hyundai Motor's most popular luxury sedan model, which first hit the market in 2008. Hyundai had planned to launch Genesis as an independent brand, but the decision was put on hold for years. (Yonhap)