TORONTO, Feb. 10, 2016 /CNW/ - For the second consecutive year, the Hyundai Genesis sedan has been honoured with a 2016 Canadian Residual Value Award from ALG, an automotive insights company and authority on automotive residual values in North America. Winner in the Premium Fullsize Car category, the second-generation 2016 Genesis was launched by Hyundai Auto Canada Corp. as an all-new model in 2014. The award comes as the company is in the process of launching a new luxury brand – named Genesis – in the second half of 2016, at which time the Hyundai Genesis sedan will become the Genesis G80. By 2021, the Genesis line-up will feature six vehicles.
"That the Hyundai Genesis sedan won a residual value award for two consecutive years is a testament to the incredible level of detail and advanced engineering that went into the car's development," said Don Romano, President and CEO of Hyundai Auto Canada. "In fact, the sedan's success has led the way for us to create an all-new global luxury brand, Genesis. This award from ALG is justification that our product engineers are on the right track."
ALG's Residual Value Awards recognize vehicles in 27 segments that are predicted to retain the highest percentage of their original price after a three-year period for Premium brands and a four-year period for Mainstream brands. Vehicle quality, production levels relative to demand, and pricing and marketing strategies represent key factors that impact ALG's residual value forecasts. This year's awards are based on 2016 model year vehicles.
"A repeat winner, the 2016 Hyundai Genesis earns the ALG Residual Value Award in the Premium Fullsize Car segment," said Geoff Helby, Canada Regional Director for ALG. "The Genesis sedan makes a big statement with pricing that is significantly less than is typical for the segment, creating an incredible value story that helps to explain the strong residual forecast."
About Hyundai Auto Canada Corp.
Hyundai Auto Canada, established in 1983 and headquartered in Markham, Ontario, is a subsidiary of Hyundai Motor Company of Korea. Hyundai vehicles are distributed throughout Canada by Hyundai Auto Canada and are sold and serviced through more than 210 dealerships nationwide. Hyundai is also the first to offer its zero-emissions Tucson Fuel Cell Electric Vehicle to Canadian customers. More information about Hyundai and its vehicles can be found at www.HyundaiCanada.com.
Founded in 1964 and headquartered in Santa Monica, California, with an office in Toronto, Ontario, ALG is an authority on automotive residual value projections in North America. By analyzing nearly 2,500 vehicle trims each year to assess residual value – which is mainly driven by used car inventory, brand strength, macroeconomic conditions, incentive spending and pricing – ALG provides auto industry and financial services clients with resale insights, forecasts and consulting services about the future vehicle marketplace. ALG has been publishing residual values for all cars, trucks and SUVs in the U.S. for over 50 years and in Canada since 1981. For more information, visit www.alg.com.
SOURCE Hyundai Auto Canada Corp.
For further information: For more information about Hyundai and its products, please contact: Chad Heard, Public Relations Manager, Hyundai Auto Canada Corp., Office: (905) 948-6712, Mobile: (416) 559-9640, Email: firstname.lastname@example.org; Laurence Myre Leroux, Public Relations Specialist, Hyundai Auto Canada Corp., Office: (905) 948-6837, Mobile: (416) 518-5852, Email: email@example.com