ANN ARBOR, Mich. — The weak U.S. economy is helping to boost early sales of the new Hyundai Genesis premium sedan, company executives say.
The top-of-the-line V-8 version of the Genesis has a base price of about $38,000. Hyundai initially identified the target buyer of the Genesis as an owner of a mid-sized or large mass-market car who wants to move upscale.
But John Krafcik, Hyundai Motor America's vice president of product development and strategic planning, said at a press event here last week that the Genesis also is appealing to budget-minded owners of costlier luxury cars.
"That group, in these economic times, seems to be bigger than we expected," Krafcik told Automotive News. "We are seeing a lot of people who say, 'I didn't really get good value from the premium brand and the $3,000, $6,000, $10,000 or $15,000 extra I had to pay.' "