[THE INVESTOR] Hyundai Motor Group on Sept. 15 launched its new midsize sedan G70 under the luxury Genesis brand, with plans to sell 60,000 units in the global market. 

“We estimate to sell over 60,000 G70 sedans in the global market next year,” Hwang Chung-yul, senior vice president at the Genesis Project Management Center, told reporters during the launching event held at the newly built Hyundai Genesis Design Center inside Namyang R&D Center, on the outskirts of Seoul. “The figure includes US sales, once we launch in the market around March.”

 

From left: Lee Sang-yup, head of Genesis Styling, Luc Donckerwolke, head of Genesis Design Center and Bozhena Lalova, head of Genesis Color pose with new G70.

The carmaker hopes to sell 5,000 units in Korea this year, after it starts sales on Sept. 20. For the next year, it plans to sell 15,000 units of G70 in its home market, with an ambitious goal to lead the premium midsize sedan segment. 

Set to compete against BMW 3-Series and Mercedes-Benz C-Class, the new G70 shares the same rear-wheel platform with Hyundai affiliate Kia’s Stinger sports sedan, which made its debut earlier in March. 

The sports sedan comes in a 3.3-liter gasoline turbo engine and a 2.0-liter gasoline turbo engine, as well as a 2.2-liter diesel engine -- the first diesel offering in the Genesis lineup. The carmaker is mulling to add diesel options for other Genesis cars, such as G80 midsize sedan. 

The 3.3-liter gasoline version, named “G70 Sports,” boasts a 0-100 kmh dash time of 4.7 seconds, faster than Kia’s new sports sedan Stinger at 4.9 seconds

The price of the standard 2.0-liter gasoline model ranges from 37.5 million won ($33,118) to 40.5 million won, while diesel 2.2-liter is priced at 40.8 million won to 43.7 million won. The top-of-the-line 3.3-liter turbo is set from 44.9 million won to 52.3 million won. 

G70 is the third and smallest model in the Genesis lineup made of G80 and bigger G90. Genesis brand chief Manfred Fitzgerald hinted the next Genesis model will be an SUV, based on the concept car that was unveiled at the Geneva Motor Show earlier this year. The newcomer Genesis plans to expand the car lineup to six models by 2021, as well add an electric vehicle.

By Ahn Sung-mi (sahn@heraldcorp.com)