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Fast-growing Hyundai may be best known for its small cars, but it plans to break into the premium market with a new sedan which has competitors looking over their shoulders.
The Korean automaker is not half as well known in Bahrain as Toyota, for example, and consumers typically associate its cars with affordability rather than luxury. However, the company has swerved into the fast lane with sales in Europe growning faster than the broader market and gaining popularity in the US.
Hyundai aims to broaden its appeal, making itself better-known, and selling bigger cars at improved margins. The launch of the i40 D-class vehicle at the recent Geneva Motor show marks Hyundai's entry into the accessible luxury segment, where it wants to compete with the Toyota Aventis.
At the Hyundai stand, competitors and admirers alike flocked to catch a glimpse of the latest offering. The model, which boasts such features as heated and reclining seats, heated steering wheel and an active demisting system, will go on sale this summer, followed by a sedan toward the end of the year.
Arrigo Pozzi, a sales manager for Switzerland's Blick newspaper, admitted that although he's not a car enthusiast, he was drawn to the new station wagon by its unique style and was surprised when he saw it was a Hyundai. "Until now their autos were somewhat ugly. But now they have a nice design. I think they have a good chance," Mr Pozzi said.
Hyundai posted a 4.7 per cent increase in registrations in 2010 in Europe - to more than 358,000 vehicles. That's in stark contrast with a market that shrank nearly five per cent.
It is also racing ahead in the US, where sales volume last year increased 24 per cent from 2,009 to 538,000 units. The automaker sold 3.6 million vehicles globally last year, compared with Toyota's seven million.
