Hyundai Enters Luxury Car Market

Description

A distant Pony stampede still impacts South Korea's car market. ANCHOR: South Korea's Hyundai car maker has come a long way from its first exported car, the Pony. Now it has new luxury models that they say can compete with Mercedes and BMW. Let's take a look. STORY: When banker Lee Sung-mok takes his cheap and aging car through the streets of Seoul's financial district, heads turn and fingers point. People can be seen mouthing the words: "It's a Pony." The Hyundai Pony is nostalgia on wheels for South Koreans. The car dominated sales at home in the 1970s and 80s and became its first car good enough to export. [Mr. Lee, Hyundai Pony Owner]: "The Pony is a very old car, so it brings back many memories. People get surprised that this car still exists. Whoever sees the Pony will ask me how I got this rare car and whether it still can drive well." Now Hyundai is launching its newest car, the Genesis, a luxury model it says can rival BMW or Mercedes Benz. Hyundai says the Genesis, with a powerful V-6 engine, advanced engineering and a stylish interior, shows how far Hyundai has come. [Lee Hyun-soon, Hyundai Motors]: "When we were developing the Pony, we didn't have that much technology. Now, we have a strong capability of engineering so we can develop any car we want." Analysts say it's premature to talk of the Genesis slicing out a large chunk of the luxury car market. Its biggest impact may be putting to rest a reputation born with the Pony, cheap cars for the lower end of <b>...</b>

Keywords

Hyundai, Luxury, Car, Market, pony, seoul, auto, motor, drive, finance, genesis, engine

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