Ahead in Electrification Transition... Hyundai Motor Group Declares 'First Mover' (Comprehensive)

Hyundai Motor Group Opens Electric Vehicle Era Starting with Genesis
Jang Jae-hoon, President of Genesis, "Will Lead the Era of Complete Electrification"

[Asia Economy Reporter Changhwan Lee] Genesis has announced a brand vision centered on the electrification of all its models, signaling an acceleration in Hyundai Motor Group's electrification timeline. Starting with Genesis, Hyundai Motor Group plans to lead the global electric vehicle era by transitioning all its affiliates to electrification faster than global competitors.

Hyundai Motor Group to Launch 23 Pure Electric Vehicles by 2025

Jang Jae-hoon, President of Genesis, stated at the brand vision announcement on the 2nd, "Genesis will lead the era of full electrification through battery electric vehicles and hydrogen electric vehicles," adding, "By 2030, through hydrogen electric vehicles?which emit only pure water?and electric vehicles equipped with next-generation batteries, we will establish ourselves as a 100% decarbonized brand."

With Genesis declaring the fastest electrification era among Hyundai Motor Group affiliates, the electrification transition of other affiliates such as Hyundai Motor, Kia, and Hyundai Mobis is also expected to accelerate. Hyundai Motor has explained its electrification plans several times to date.

Hyundai Motor Group Chairman Chung Euisun revealed in 2019 a goal to sell a total of 44 eco-friendly vehicle models, including 23 pure electric vehicle models, by 2025. At that time, Chairman Chung declared that the group would become one of the top three global electric vehicle manufacturers by 2025.

Later, at the Investor Day held at the end of last year, Hyundai Motor additionally announced plans to make its entire lineup of models launched in major global markets electric or hydrogen vehicles by 2040. From 2030, the group will gradually transition its lineup to electric vehicles in key markets such as Europe and the United States. It also plans to progressively expand electric vehicle adoption in emerging markets like India, Russia, and Brazil.

This represents the fastest electrification transition speed compared to global competitors. Among automakers that have disclosed electric vehicle launch plans through 2025, Audi plans to release 20 models by 2025, Toyota 15 models, BMW 13 models, and Renault 10 models. After 2025, Hyundai Motor Group is expected to become the global leader in electric vehicle diversity.

Electrification Strategy Led by Chung Euisun’s Ambitious ‘Genesis’

It is also significant that Genesis is leading Hyundai Motor Group’s electrification transition. Genesis is an ambitious project that Chairman Chung personally planned and led from the initial brand planning stage, including recruiting external personnel and organizational restructuring before the brand’s launch.

Chairman Chung attended the Genesis launch event held at Dongdaemun Design Plaza in November 2015 with the title of Vice Chairman at the time, explaining the brand development process. He also appeared on the first screen of the announcement video this time to explain Genesis’s vision. This was the first time in four years since 2011 that Chairman Chung appeared at a Hyundai Motor strategy announcement event.

With Chairman Chung’s full support, Genesis has recently rapidly increased sales and is regarded as having successfully established itself in the luxury car market.

Since its launch in 2015, Genesis sales have grown from 57,451 units in 2016 to 128,365 units last year. This year, sales are expected to exceed 200,000 units, with a target of over 400,000 units by 2030.

Considering Hyundai Motor’s annual global sales of approximately 3 to 4 million units, more than 10% of total future sales will be Genesis electric vehicles.

Starting this year, Genesis is rapidly expanding its lineup by officially unveiling key electric vehicle models. In July, it launched the G80 electrified model, introducing the first domestic luxury electric vehicle. The G80 electrified model has gained popularity, surpassing 2,000 cumulative contracts since its launch.

Last month, Genesis revealed the image of its first dedicated electric vehicle, the GV60, and announced its launch in the second half of this year. Genesis also plans to sequentially release electric versions of existing models such as the GV70 and GV80 starting next year.

Hyundai Motor and Kia are also expected to hold electrification vision announcement events within this year, where they will disclose their electrification strategies by affiliate once again.

This content was produced with the assistance of AI translation services.