(Yicai) Aug. 1 -- Genesis, the luxury brand of South Korean auto giant Hyundai Motors, has appointed Zhu Jiang as chief executive officer of its business in the country.

Zhu, who joins from the China arm of US luxury electric vehicle maker Lucid Group after serving as inaugural managing director, will step in as CEO of Genesis Motor China effective Aug. 5, Genesis announced yesterday.

Zhu has more than 20 years of experience in the auto industry, including at electric vehicle startups such as Shanghai-based Nio, "where he played an instrumental role in building the brand from the ground up, as well as in leadership roles in the China operations of global brands including BMW, Mini, Lexus, and Ford Motor," Genesis pointed out.

"I am thrilled to join Genesis," Zhu said. "Genesis' deep commitment to winning Chinese customers with both impressive products and a unique customer experience is inspiring, and I look forward to contributing to Genesis Motor China's success in the country." 

"Zhu has deep experience operating both global and Chinese brands with an entrepreneurial mindset, injecting new vitality into established organizations," said Mike Song, executive vice president and global head of Genesis. "His talent in designing innovative customer experiences tailored for the Chinese market uniquely positions him to oversee our continued growth in China."

Genesis tried to tap into the Chinese market in 2008, 2014, and 2021 under different names, but its vehicles did not sell well. It sold just 1,558 units last year and 1,457 units in 2022 in China, according to its data.

South Korean carmakers, including Hyundai, Kia and Genesis, had their market share in China shrank to 1.5 percent last year from 4.7 percent in 2019, data from the China Passenger Car Association shows.

Last October, Wells Lee, the then-CEO of Genesis Motor China and chief executive coordinator of Genesis, noted that the brand's losses tallied up to CNY1.2 billion (USD165.8 million) over the past less than 10 months. Its cumulative deficit reached CNY3 billion three years after it entered China and none of its employees have even bought its models, Lee noted.

Editor: Martin Kadiev