Genesis, this KoreaCarsThe brand has achieved impressive results in terms of global sales, breaking the sales record of 1 million units. However, in the Chinese market, it is facing huge challenges and even falling into the predicament of losing money. From 2012 to 2022, the share of Korean brands in the Chinese market has dropped from 10% to less than 2%. At the same time, the share of independent brands has reached 60%. ModernCarsGroup'sModernwithKiaThe brand's sales in the Chinese market are also declining. In order to cope with the dilemma of the market,ModernCarshad to ** the factory, and reduce the production capacity, whileKiais facing a serious debt problem. GenesisAsModernCarsThe group's independent luxury brand, known as the "Korean Bentley", has very little sales in the Chinese market. In the first half of this year,GenesisThe number of vehicles on the risk is only 835, and it is also facing a high priceMarketing expensesand the plague of huge losses. Why did this luxury brand, which was supposed to succeed in the Chinese market, fail repeatedly?
First of all,ModernwithKiaThe two Korean brands are taking the cost-effective route, attracting fewer and fewer consumers. WhileGenesisThe positioning is a high-end luxury brand, and it is very difficult to reverse the low-end image of the Korean system in the Chinese market and achieve a high volume. Secondly,GenesisThe relatively small sales network in the Chinese market, with only 18 stores, makes the brand's presence very low, and also makes consumers in regions without stores concerned about the speed of its after-sales service and repairs. In addition, this year,GenesisDue to the safety hazards of the product, three recalls had to be carried out, which also greatly affected consumers' trust and purchase intentions in the brand. Finally, with the rise of China's own brands and the transformation of traditional luxury brands, it has been made thatGenesisIn the Chinese market, there is less and less room for survival.
However,GenesisWithout giving up their efforts in the Chinese market, they released ** at the Guangzhou International Auto ShowGenesisG70 and G70 Hunting Editions, and the concept car X was shownconvertible。Song Min-gyu, the global head of the brand, said that the Chinese market is the fastest growing and most dynamic in the worldCarsmarket, yesCarsAt the forefront of the future development of the industry, they will continue to unswervingly promote the development of the business in China. Although the situation is difficult, butGenesisWe still have high hopes for the Chinese market and look forward to better results in the future.
In general,GenesisThe Chinese market faces multiple difficulties, and these difficulties also reflect the fierce competition in the Chinese market and the changing needs of consumers. As a high-end luxury brand, in addition to providing high-quality products and services, it also needs to establish a strong sales network and establish a reliable brand image. ForGenesisThey need to further adjust their strategies in the Chinese market, from product positioning to channel construction, they need to make corresponding changes and innovations. At the same time, they also need to strengthen communication and understanding with Chinese consumers, understand their needs and preferences, and better meet their car buying needs. Through continuous efforts and improvements, believeGenesisThere are still opportunities to achieve a counterattack and achieve better performance in the Chinese market.