By ZHOU Shuqi
Markus Henne, CEO of Genesis Motor China, will leave the company on October 25 to pursue other opportunities, the automaker said Tuesday. Chief executive coordinator Wells Lee will take over.
Genesis is a premium car marque under Korean automaker Hyundai founded in 2015. It has tried to enter the Chinese market twice with alternative Chinese names. In 2021, a high-profile extravaganza on the Bund in Shanghai fired the starting pistol on its third attempt to enter the Chinese market.
This time, Genesis came tooled up with all eight models, five fuel-powered cars and three EVs. A crop of 17 showrooms has mushroomed across China.
Before joining Genesis five years ago, Henne was in charge of the Mercedes AMG brand in China. His experience managing luxury cars in China was seen as a great asset to Genesis.
Henne believed in brand building, mentioning in several interviews that his prime indicator of success was recognition in the marketplace. Recognition might be Henne’s prime indicator, but many prefer sales data. Last year, only 1,457 Genesis were sold In China, along with another 835 in the first half of this year.
Korean cars are generally positioned in the middle to lower end of the domestic market. The endorsement of Hyundai does not bring the premium pricing power associated with luxury brands.
“This is a stereotype rooted in consumers, it has little to do with the brand’s products or services,” Zhang said. “It’s hard to change that image.”
Genesis markets three pure EVs in China. The GV60, launched this year, was Genesis' first on a pure electric platform, with a starting price of 285,800 yuan (US$40,000), 100,000 yuan lower than in North America and Korea. However, the GV60 was recalled shortly after its launch. Stress on the rear axle may cause the shaft to break during driving.
