Hyundai mulls Lexus-like premium brand

Korean automaker Hyundai is considering forming a premium brand like Toyota's Lexus division to allow it to market more expensive vehicles to buyers of German and Japanese luxury cars.

The statement comes only days after the world debut of Hyundai's Genesis concept car, which represents the automaker's first true foray into the premium segment.

"We haven't decided that as of yet," John Krafcik, VP of product planning, was quoted as saying at a test drive event for the Veracruz crossover.

"Genesis will be sold through our Hyundai dealers as a Hyundai, but we're still in the midst of discussions as to whether or not we should have an alternative distribution channel with a new name," Krafcik said, according to Winding Road magazine. "It's still a possibility."