Hyundai may sell electric vehicles
REUTERS NEWS AGENCY
A model climbs into the interior of the Hyundai Nuvis gas-electric concept car at the 2009 New York International Auto Show April 9, 2009.
NEW YORK–Korean automaker Hyundai Motor Co is looking at the possibility of adding electric vehicles to its lineup, U.S. chief executive John Krafcik said on Thursday.
"We have projects under way," Krafcik told reporters on the sidelines of the New York Auto Show. He did not elaborate.
Hyundai will be launching its first U.S. gasoline-electric hybrid vehicle, a version of its Sonata sedan, at the end of next year.
Krafcik also said the automaker was looking at bringing the Equus, a large luxury car sold in South Korea, to the United States.
Hyundai has had a successful run with the premium Genesis sedan, which went on sale last year, and its coupe version.
Hyundai rolled out the Genesis with a high-profile marketing campaign including television commercials during the Olympics intended to underscore the automaker's arrival as a cut-rate competitor to the likes of Lexus, Cadillac and BMW.
Krafcik said Genesis has helped improve the image of the Hyundai brand, which got its start in the U.S. market as an inexpensive alternative to established U.S. and Japanese nameplates.
"It's getting people past the stigma," he said. "A third of the (Genesis) customers were cross-shopping BMW, Lexus and Mercedes."
About 40 per cent of consumers who buy Genesis, which carries no visible Hyundai badge on its grill, were trading in other premium brands during the purchase, Krafcik said.
Hyundai relies on the U.S. market for almost a fifth of its sales. With smaller affiliate Kia Motors Corp, it controls nearly three-quarters of the Korean auto market.
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