The Korea Herald

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Hyundai Motor bets big on Middle East

By Korea Herald

Published : July 1, 2013 - 20:16

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Hyundai Motor’s years of pouring substantial resources into the Middle East are showing some results recently, especially in sales of its high-end models there, company officials said Monday.

According to the Korean auto giant, sales of the Hyundai Grandeur, Genesis and Equus rose 5.5 percent to 7,930 vehicles in the first five months this year from the same period last year.

The Grandeur sedan was the biggest seller at 5,676 vehicles, while sales of the Genesis and Equus were 1,949 and 214, respectively.

Since the carmaker first introduced the Equus and Grandeur to the region in 2006, sales of the three premium models surged to claim 8.9 percent of Hyundai’s total sales there.

“We have been betting big on rich people in the Middle East, pouring into marketing resources in recent years,” said a Hyundai official, adding that the luxury models are priced high with tariffs on import brands included.

Their strong performance, the carmaker says, also helps it elevate its brand awareness and car sales overall in the oil-rich countries.

Since its entry into the market back in 1976, its car sales, including those of commercial vehicles, exceeded the 300,000 mark for the first time last year.

In April, Hyundai was the No. 1 car brand in Israel with a market share of 17 percent, but dominated 47 percent and 59 percent of the markets in Jordan and Syria, respectively.

By Lee Ji-yoon (jylee@heraldcorp.com)