South Korean carmaker Hyundai Motor Co confirmed on Wednesday it will launch a new global luxury car brand called Genesis, targeting higher profit margins to help it reverse out of an earnings slide.
Hyundai, which rose to prominence on a reputation for reliable, affordable cars, said the Genesis brand's lineup will start with two sedans this year, growing to six by 2020.
All will be equipped with what it described as high-performance, environmentally friendly powertrains. The four new models under development are a luxury sedan, a sports coupe and two sport-utility vehicles.
The launch comes as Hyundai, the world's fifth-biggest automaker by sales along with its Kia Motors affiliate, seeks to stem a long-running drop in profit. The strength of the Korean won has eaten into revenue from cars sold outside a home base where Hyundai books three-quarters of all its sales.