The rumour mill says that Hyundai might add a third luxury car to its lineup, to join the Equus (pictured here) and the Genesis.
Hyundai Motor's leadership no longer looks to Toyota Motor for inspiration and enlightenment.
"No, we don't; we look at others," says outgoing Hyundai Canada CEO Steve Kelleher, who would not say exactly who those others are, but the general consensus is that Hyundai is measuring itself against the dominant German car companies, other than Volkswagen. So Hyundai is taking the measure of itself against the likes of BMW, Audi and Mercedes-Benz. Toyota? The old "Beat Toyota" sign at headquarters was scrapped long ago.
For Kelleher, what's happened during his almost three decades at Hyundai – 12 of them as Canadian president and CEO -- is miraculous. In the last decade alone, Hyundai Canada has more doubled its market share (7.9 per cent from 3.8 in 20014) with sales topping 137,100 last year, up from 58,666 in 2004.
Meantime, Hyundai Canada added 54 dealers during that span (now at 210), and the average dealer sold 654 vehicles last year, up from 376 in 2004. Hyundai Canada has a vehicle among the top five best-sellers in five separate Canadian segments, including the No. 2 car in the Elantra and the No. 1 subcompact in the Accent. Hyundai Canada sells more pure passenger cars than any other maker in Canada, and ranks No. 6 for overall sales.
More growth is on the horizon. Here we are in 2014, and the rumour mill is alive with suggestions that Hyundai may add a third vehicle to its luxury-car lineup, to join the current Equus and the reinvented 2015 Genesis. Kelleher, who officially retired last week, was reluctant to discuss future product plans, but Dave Zuchowski, CEO of Hyundai Motor America, recently told Automotive News that his Korean brand may add a premium model to join the Equus and Genesis.
"That's one of the conversations," he told the industry publication, adding, "I think it's fair to say that within a couple of years there may be another premium" nameplate. "That's a space where we think there's some opportunity."
Polk data suggests the market might be ready for Hyundai to move into premium territory, at least in a selective way. Hyundai in Canada has the highest new vehicle customer loyalty in the industry (58 per cent). As those owners age and add to their wealth, many will want to step up to a more expensive vehicle. Hyundai, naturally, wants to keep those owners in the fold.
Kelleher, for his part, does not think it's a stretch for Hyundai to take aim at the BMWs and Audis of the world. Given the record of the last decade, why would anyone doubt him?
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