Genesis enters Egypt, expanding into African luxury EV market
Focusing on electric models, the company aims to proactively capture the premium EV sector on the continent, where demand for electrified powertrains is expected to rise sharply.
Genesis opened its first permanent showroom in Africa last Friday in New Cairo, a business district about 30 kilometers from Cairo's city center.
Operated in partnership with local distributor GB Auto, the showroom features three electric models: the GV60 sport utility vehicle, the electrified GV70 SUV and the electrified G80 sedan.
'Launching in Egypt is a pivotal moment for Genesis,' said Omar Al-Zubaidi, CEO of Genesis Middle East and Africa.
'It demonstrates our commitment to markets where luxury and electrification are growing in tandem, and we're proud to enter the country with a full EV lineup that represents the future of mobility. This launch marks a key strategic region for our continued growth.'
Genesis' entry into the Egyptian market, home to over 100 million people, marks a milestone in its strategic expansion efforts across Africa.
The brand was first introduced to the continent through a pop-up showroom last year in Mauritius, an island nation of around one million residents off Africa's southeastern coast.
This launch in Egypt is supported by the brand's strong sales in the Middle East, a region that shares cultural ties with North African countries, including Egypt.
The brand successfully positioned itself as a high-end marque in the Middle East, notably by customizing design details and features for local royalty and high-profile officials. Sales in the region surged from 1,078 units in 2020 to over 8,000 last year.
Building on this momentum, Genesis plans to broaden its presence across Africa, with a particular emphasis on electric models.
According to Statista, the African EV market, currently valued at approximately $200 million, is projected to grow at an annual rate of 10 percent through 2029, reaching $314 million.
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Genesis enters Egypt, expanding into African luxury EV market
Hyundai Motor Company's premium brand, Genesis, has launched in Egypt, marking its first entry into the major African market. Focusing on electric models, the company aims to proactively capture the premium EV sector on the continent, where demand for electrified powertrains is expected to rise sharply. Genesis opened its first permanent showroom in Africa last Friday in New Cairo, a business district about 30 kilometers from Cairo's city center. Operated in partnership with local distributor GB Auto, the showroom features three electric models: the GV60 sport utility vehicle, the electrified GV70 SUV and the electrified G80 sedan. 'Launching in Egypt is a pivotal moment for Genesis,' said Omar Al-Zubaidi, CEO of Genesis Middle East and Africa. 'It demonstrates our commitment to markets where luxury and electrification are growing in tandem, and we're proud to enter the country with a full EV lineup that represents the future of mobility. This launch marks a key strategic region for our continued growth.' Genesis' entry into the Egyptian market, home to over 100 million people, marks a milestone in its strategic expansion efforts across Africa. The brand was first introduced to the continent through a pop-up showroom last year in Mauritius, an island nation of around one million residents off Africa's southeastern coast. This launch in Egypt is supported by the brand's strong sales in the Middle East, a region that shares cultural ties with North African countries, including Egypt. The brand successfully positioned itself as a high-end marque in the Middle East, notably by customizing design details and features for local royalty and high-profile officials. Sales in the region surged from 1,078 units in 2020 to over 8,000 last year. Building on this momentum, Genesis plans to broaden its presence across Africa, with a particular emphasis on electric models. According to Statista, the African EV market, currently valued at approximately $200 million, is projected to grow at an annual rate of 10 percent through 2029, reaching $314 million.
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