Zhu Jiang, who just took office as CEO of Genesis China in August last year, was revealed to have left Genesis recently. The position of CEO of Genesis China was once again handed over to a Korean.
Public data shows that this is the fourth time that Genesis has changed its CEO since it entered China less than five years ago. In April 2021, Genesis, a high-end brand under Hyundai Motor, used 3,281 drones to break the Guinness World Record and spell out the words "Hello, China" in the night sky over the Bund in Shanghai, marking its third trip to China.
Shanghai, Hong Kong Plaza Genesis international luxury car brand experience store.
At that time, the first CEO was German He Ruisi, who suffered heavy losses in China during his tenure. In October 2023, Korean Wells Lee replaced him as CEO, but less than a year after taking office, Lee also left the position. In August 2024, Zhu Jiang took office.
Zhu Jiang has a rich resume in the automotive industry. He has served as a senior executive in China for multinational automakers such as BMW, Lexus, and Ford. However, his rich marketing experience has not boosted Genesis's sluggish sales in China.
Public data shows that in 2021, Genesis's annual sales in the Chinese market were only 367 vehicles; in 2022, its sales in China increased to 1,457 vehicles; in 2023, the number was 1,558 vehicles; in 2024, the brand's sales in China were 1,328 vehicles, a year-on-year decrease of 24.8%.
There is a general consensus that luxury brands are facing fierce competition and enormous pressure to transform in the Chinese market. Zhu Jiang's resignation has added more uncertainty to Genesis's prospects in China. Due to low sales, the possibility of the brand withdrawing from China again has increased.
