Genesis is 3rd best selling brand in Korea for May

[YEH]

Let's not jump to other topics, I still need your explanation on this question:

The World Bank clearly told us, United States has greater wealth disparity than South Korea. Why did you lie about this in the earlier posts (before I posting the evidence from WB), and now even trying to talk a lot of other things to get around of it?

Didn't I explain it to you already?

The WB simply did a superficial calculation based on aggregate nos.

The immense fortunes of the founders of tech giants like Amazon, Google, Apple, FB, Tesla, as well as that of more traditional businesses (like the Walmart family fortune) skews the calculation.

In terms of overall pop., SK is 27th - behind countries like Russia, Japan, Germany,, France, the UK, Italy - and yet it is SK that is the 4th biggest market for higher end lux autos (SK is also behind all those countries, aside from Russia, in per capita nominal GDP); 3rd if you take out the EU.

 

[MyCorvette]

Didn't I explain it to you already?

The WB simply did a superficial calculation based on aggregate nos.

The immense fortunes of the founders of tech giants like Amazon, Google, Apple, FB, Tesla, as well as that of more traditional businesses (like the Walmart family fortune) skews the calculation.

In terms of overall pop., SK is 27th - behind countries like Russia, Japan, Germany,, France, the UK, Italy - and yet it is SK that is the 4th biggest market for higher end lux autos (SK is also behind all those countries, aside from Russia, in per capita nominal GDP); 3rd if you take out the EU.

Obviously you will say anything you does not agree with is "superficial".

Since you are not a professional expert in economics, I only (and I believe most people also) trust what the World Bank has told us.

 

[Backslack]

Since you are not a professional expert in economics, I only (and I believe most people also) trust what the World Bank has told us.

Ah yes, just like your trust of Korean YouTube comments and some secret informant working at a Genesis dealership who you refuse to name, even when rebutted by a member here who actually manages part of a Genesis dealership and puts his credentials out on display.

It's so funny seeing you constantly flip sides of the goal like this.

 

[MyCorvette]

Ah yes, just like your trust of Korean YouTube comments and some secret informant working at a Genesis dealership who you refuse to name, even when rebutted by a member here who actually manages part of a Genesis dealership and puts his credentials out on display.

It's so funny seeing you constantly flip sides of the goal like this.

I already offered you the option to NOT believe me, why is it so hard for you to not believe me?

 

[YEH]

Obviously you will say anything you does not agree with is "superficial".

Since you are not a professional expert in economics, I only (and I believe most people also) trust what the World Bank has told us.

You have absolutely ZERO idea of how overly broad data sets can be misleading.

Gave you numerous reasons as to why, but you're simply unwilling to acknowledge it, just lIke your superficial assertion about Genesis having to sell at a cut rate price in Korea on the basis that Korea's GDP per capita is about half that of the US.

That data which you cited is another prime example of how such an overly broad data set is simply superficial and MISleading.

Despite having a GDP per capita about half of that of the US, SK is one of the MOST lucrative markets for luxury goods in the world, including for higher end lux autos.

Now gee, how can that be when you were the one who first cited that the GDP per capita was 1/2 that of the US?

Data, in itself means little and can be misleading if not put in the proper CONTEXT which you have FAILED to do (which is hardly surprising considering your ignorance of the Korean market and the economic realities over there).

 

[MyCorvette]

You have absolutely ZERO idea of how overly broad data sets can be misleading.

Gave you numerous reasons as to why, but you're simply unwilling to acknowledge it, just lIke your superficial assertion about Genesis having to sell at a cut rate price in Korea on the basis that Korea's GDP per capita is about half that of the US.

That data which you cited is another prime example of how such an overly broad data set is simply superficial and MISleading.

Despite having a GDP per capita about half of that of the US, SK is one of the MOST lucrative markets for luxury goods in the world, including for higher end lux autos.

Now gee, how can that be when you were the one who first cited that the GDP per capita was 1/2 that of the US?

Data, in itself means little and can be misleading if not put in the proper CONTEXT which you have FAILED to do (which is hardly surprising considering your ignorance of the Korean market and the economic realities over there).

A objective quantitative measure on a society's economic status needs to consider data that is broad enough to reflect the whole picture.

What you are doing is simply cherry-picking aspects which suite your personal taste, so this is not objective enough to represent the truth.

The World Bank is an authoritative and professional organization. Of course, it is your freedom to deny it or refuse it, but unfortunately no one cares what you think. Between you and WB, obviously most people will trust WB.

 

[YEH]

Uhm, I'm not disputing the WB figure, just that the particular data set provides only an overly broad and superficial look, which is misleading.

Just as the current administration tries to make their epic failure in handling the pandemic much better than reality by cherry-picking certain data sets.

And this is from Hyundai's Financials for the 1st Q.

Sales revenue, however, recorded positive growth led by an enhanced product mix and a favorable currency environment. First-quarter revenue rose to KRW 25.32 trillion compared with KRW 23.99 trillion a year earlier, backed by a stronger product mix with higher sales of SUVs and Genesis luxury models.. A weaker Korean won against the U.S. dollar offset the decline in global sales volume.

And this is before sales of the GV80 and the new G80 really ramped up.

 

[MyCorvette]

Uhm, I'm not disputing the WB figure, just that the particular data set provides only an overly broad and superficial look, which is misleading.

Just as the current administration tries to make their epic failure in handling the pandemic much better than reality by cherry-picking certain data sets.

And this is from Hyundai's Financials for the 1st Q.



And this is before sales of the GV80 and the new G80 really ramped up.

Here at this forum everyone knows for any evidence that works against you, you usually defame it using some adjectives like "overly broad", "superficial" or "misleading". This is only your subjective opinion, and it is not a fact.

If you do not agree with WB, simply state your own exact and concrete definition of "wealth disparity", provide us its quantitative definition, explain to us why you think that quantitative method is reasonable, and then calculate that formula on US and SK to show who has the bigger wealth disparity - this is the only way to show other people your opinion is correct.

 

[YEH]

Hyundai Motor reported a smaller than expected drop in profit on HIGH margin domestic sales...

Results were buoyed by sales in South Korea, which rose 13 percent from a year earlier to 200,000 vehicles, led by demand for large cars and utility vehicles such as the G80 sedan and GV80 crossover from premium brand Genesis.

Hyundai managed to pull off a profit for the 2Q despite challenging circumstances (36.3% decline in global sales) in large part to sales of the G80 and GV80, as well as the Palisade.

An operating profit of $493 million, beating analyst expectations.

So, it's profits from high margin domestic sales which is keeping Hyundai in the black; totally disproving what you were insinuating before.

And again, I'm not disputing that particular WB data set (the figure, in itself), just that it is a data set which gives an overly broad and superficial overview of the issue.

It's like declaring that the US has the "best" health care system in the world solely on the basis of how much is spent on health care per capita, but when you dive in beyond that overly broad and superficial figure, it's not the case.

Let's face it, you had little clue of the economic situation/realities for many Koreans, much less the automotive industry in Korea, which is why you are clinging to a WB data set which doesn't give anywhere an in depth analysis.

Otoh, have stated all the while that it wasn't a mistake for Genesis to have started with sedans and to have continued investment in sedans as having a strong domestic market is the foundation for an auto brand.

 

[MyCorvette]

Again, if you think WB's data is inappropriate or "overly broad", then please simply state your own exact and concrete definition of "wealth disparity" which is NOT "overly broad" or "superficial overview", provide us its quantitative definition, explain to us why you think that quantitative method is reasonable under this scenario, and then calculate that formula on US and SK to show who has the bigger wealth disparity - this is the only way to show other people your opinion is correct.

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[YEH]

OMG!

Already gave you examples how like super fortunes of the Silicon Valley founders, much less those like the Walmart family, can skew the picture that the WB data set gives off.

In addition to giving data points as to where SK ranks when it comes to being a market for luxury goods, including for higher end lux autos.

When you take into account those data points with where SK stands in per capita GDP, clearly shows that the share of the GDP is skewed towards the top earners.

If everything is more "equal" in SK, then why does SK send so many students to American (as well as Canadian, British and Australian) universities? (Japan doesn't. )

It's because it's super competitive to get a good paying job upon graduation, which means one has to graduate from a top university in Korea, which is why students nearly kill themselves to prepare for the college entrance exam.

YOU were the one who brought up per capita GDP as a reason why Genesis likely wasn't earning good profits from domestic sales.

And just like for the WB data set, stated that simply going by the per capita GDP data is superficial and misleading.

Despite having a per capita GDP HALF of that as the US (as you stated), SK is a top 5-6 market for luxury goods overall, and top 3 for higher end lux vehicles (likely #1 on a per capita basis).

 

[MyCorvette]

OMG!

Already gave you examples how like super fortunes of the Silicon Valley founders, much less those like the Walmart family, can skew the picture that the WB data set gives off.

In addition to giving data points as to where SK ranks when it comes to being a market for luxury goods, including for higher end lux autos.

When you take into account those data points with where SK stands in per capita GDP, clearly shows that the share of the GDP is skewed towards the top earners.

If everything is more "equal" in SK, then why does SK send so many students to American (as well as Canadian, British and Australian) universities? (Japan doesn't. )

It's because it's super competitive to get a good paying job upon graduation, which means one has to graduate from a top university in Korea, which is why students nearly kill themselves to prepare for the college entrance exam.

YOU were the one who brought up per capita GDP as a reason why Genesis likely wasn't earning good profits from domestic sales.

And just like for the WB data set, stated that simply going by the per capita GDP data is superficial and misleading.

Despite having a per capita GDP HALF of that as the US (as you stated), SK is a top 5-6 market for luxury goods overall, and top 3 for higher end lux vehicles (likely #1 on a per capita basis).

Please stop boasting, simply provide us your exact and detailed definition of "wealth disparity", show your computation.

 

[YEH]

^As usual, you've got NOTHING.

Try thinking just a little bit.

As YOU stated, SK has a per capita GDP about HALF of that of the US.

So despite that, how is SK one of the largest and most lucrative markets for lux autos (and lux products in general), but not for a wide spread wealth gap?

Over the past 3 months, Genesis sold around 22k G80s and 10k GV80'S (that's in addition to all the German lux vehicles sold).

For the 2nd Q of 2020, Hyundai had an opera profit of $493 million despite global retail sales having fallen 33% due to the pandemic.

Hyundai was one of the few automakers to finish the Q in the black.

Honda finished the Q with a $765 million loss and Toyota only managed to eek out a profit of $129 million despite being the largest (or 2nd largest) automaker in the world.

Hyundai finished a good bit better than Toyota, and a heck of a lot better than Honda, despite the 2 faring a lot better in China than Hyundai, as well as their luxury arm selling a lot more here in the US.

Furthermore, Toyota sells high margin BoF pick-ups and SUVs (which Hyundai does not have yet) world-wide (demand for pick-ups hasn't slowed) and Lexus sells far more world wide than Genesis.

So despite all that, how did Hyundai manage to garner a good bit more profit for the quarter?

While the Palisade played a part, Toyota has the Highlander/Kluger (as well as the 4 Runner, Fortuner, Prado and Land Cruiser) and Honda the Pilot.

The difference maker was G80 and GV80 sales in Korea.

Acura doesn't exist in Japan and Lexus doesn't sell too many of its higher-end models in Japan (or, for that matter, China).

The profit driver for Hyundai was high margin vehicle sales in Korea.

You spent much of this thread poo pooing the purchasing power of Koreans or in lieu of that, suggested that Genesis had to discount their wares in their home market and take a lower profit when in actuality, Genesis has always decontented for the NA market in order to keep pricing under a certain level.

 

[MyCorvette]

Again, please do not deviate from the topic. Simply provide us your exact and detailed definition of "wealth disparity", show your computation.

 

[YEH]

^ Try THINKING for once.

For a country with a per capita GDP that is about half of that of the US, how can theyes have one of the LARGEST lux auto markets for higher end models (talking E Class and S Class).

Do you think that entails a certain % of the population taking a greater share of the GDP pie or it being more equitably shared?

Despite its pop., SK is one of the largest and most lucrative markets for luxury goods as a whole.

When the FTA was put into effect with the EU, doing away with (or lowering) the tariff on luxury goods by brands like Hermes, Louis Vuitton, Lanvin, Dior, Chanel, Gucci, Prada, etc. - what did these design/fashion houses do?

They Raised prices (which were already among the highest in the world; more than here) so that prices remained the same (or even went up) despite the reduction or removal of the corresponding tariff; knowing the market, they knew they could get away with it and further fattening their bottom line.

The top 10% holds 66% of SK's wealth.

The bottom half holds a measly 2%.