Posted on Jan 26, 2021 3:18 PM
At the start of 2020, Hyundai Motor had mobilized significant resources to try to orchestrate its move upmarket on the American market, where it sells more than 20% of its cars. Seeking to replicate Toyota’s success with its premium Lexus range, the group had offered a Super Bowl advertisement, worn by model Chrissy Teigen and her husband, artist John Legend, to promote the new GV80 prestige brand SUV “Genesis”. The specialized journals had appreciated. Then the Covid-19 epidemic struck and Western dealerships were emptied.
Over the last three months of 2020, these marketing efforts would have paid off, assured the South Korean manufacturer on Tuesday. Unveiling its financial results, Hyundai Motor, which also controls the Kia brand, explained that demand for its premium vehicles in the fourth quarter had allowed it to limit the fall in its annual profits. “Sales of SUVs and Genesis luxury models as well as the reduction of promotional offers helped to increase revenues in the fourth quarter despite a difficult economic environment and an unfavorable exchange rate,” said management. Between October and December, its operating profit thus jumped, year on year, by 41% to 1.641 billion won (1.2 billion euros).