The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
What is Genesis?
If you can’t answer that question beyond the biblical sense, don’t worry, because you are not alone. Searches for that phrase and the word “Genesis” increased this week after it was reported that Tiger Woods was seriously injured after a Genesis GV80 SUV rolled off a California road on Tuesday morning.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| HYMTF | HYUNDAI MOTOR | 47.3 | -0.85 | -1.77% |
It is not so surprising. Hyundai-owned automaker only introduced its first vehicle as a standalone brand in 2017, after using the name on a luxury Hyundai model since 2009.
A vehicle toppled sideways after an accident involving golfer Tiger Woods along a road in Rancho Palos Verdes, Los Angeles area, on Tuesday, February 23, 2021. Woods suffered leg injuries in a car accident. car and was undergoing surgery (AP)
The brand’s annual sales reached 21,000 in 2019, before dropping to just over 16,000 during the 2020 pandemic, so it’s still a relatively small player in the industry. But praise is rolling.
The Genesis G70 sedan was named North American Car of the Year in 2019 and had two finalists for the 2021 awards, including the GV80, which won the Utility Vehicle of the Year award and has a starting price of $ 49,925. The brand also led the JD Power reliability study in 2020 before dropping to seventh place on the list this year.
WILL THE TIGER WOODS CAR ACCIDENT AFFECT YOUR VALLEY?
Woods was driving the vehicle borrowed from Genesis, which sponsored a tournament at the Rivera Country Club last week, which he organized. Google Trends data shows that searches increased both on Saturday and Sunday during the event, which is exactly what a company expects with this type of investment, but skyrocketed on Tuesday when news of the Woods crash broke out.
A vehicle toppled sideways after an accident involving golfer Tiger Woods along a road in Rancho Palos Verdes, Los Angeles area, on Tuesday, February 23, 2021. Woods suffered leg injuries in a car accident. car and was undergoing surgery (AP)
Smaller peaks followed on Wednesday and Thursday, as developments in the story continued to unfold, with images of the wrecked vehicle on top of many of them. It’s definitely not how Genesis planned the world to be introduced to its first SUV, which got off to a good start and its best selling model in January, but was it a totally bad thing?
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR | 148.33 | -1.11 | -0.74% |
Searches for Genesis models in the iSeeCars.com automotive market increased 57.4% on the day of the accident, a larger increase than Toyota obtained with its LV commercial in the Super Bowl.
“On the surface, there is definitely a benefit for Genesis, a brand with relatively low recognition,” Marcus Collins, professor of marketing at the Ross School of Business at the University of Michigan, told FOX Business.
The issue, according to Collins, is the association that people are making with him.
“Some people may see this as a test point for any perception they have of Hyundai, the parent brand,” said Collins. “Some may see the brand as safe, considering that it survived a horrible wreck, while others may see the brand as a factor that did not affect the situation.”
Woods suffered serious injuries to his legs that required operations, but first aid said he was lucky to be alive, based on his experience with similar accidents. The GV80 does not yet have an NHTSA or IIHS crash test rating, but the vehicle is equipped with 10 airbags, including one for the driver’s knees and one between the front seats to prevent passengers from colliding. The 15-time winner of the main golf tournament was alone in the vehicle during the accident, which was preliminarily attributed to careless driving on a road known to locals as dangerous, not a vehicle failure.
Collins said that only time will tell how the incident affects consumer perceptions of Genesis and its success.
“We will only really know by observing the social discourse around the brand and, of course, how it can impact consumption over time”.