One in Ten Genesis Cars is Electric... Accelerating Electrification Steps

Electric Vehicle Share Reaches 10.3% in Q1 This Year
Brand's Cumulative Sales Surpass 1 Million Units in 2024

The sales proportion of electric vehicles (EVs) in Hyundai Motor Company's premium brand Genesis has exceeded 10% this year. With annual sales surpassing the 200,000-unit mark, the brand is showing rapid growth as a premium brand and appears to be accelerating its electrification transition. The brand announced in 2021 that it would release only electrified models for all new cars starting in 2025.

According to Hyundai Motor IR data on the 18th, Genesis sold 384 units in its first year after the brand launch and steadily increased sales to a total of 903,874 units as of last month, 7 years and 5 months later. Among these, the proportion of electric vehicles increased from about 1.3% in 2021, when the first model, the G80 electrified model, was released, to 8.8% (18,846 units) the following year.

The G80 electrified long-wheelbase model provided as the official vehicle for heads of state at the G20 Bali Summit held in Indonesia last October. It is an electric vehicle model based on the existing internal combustion engine G80, with an extended wheelbase to increase interior space.

This year, from January to March, a total of 55,936 units were sold. Among them, EV sales were 5,785 units, accounting for 10.3%. Currently, the brand's electric vehicle lineup includes the G80 electrified model, as well as the sport utility vehicles (SUVs) GV60 and GV70 electrified models.

Genesis has devised the most aggressive electrification transition plan among Hyundai Motor Group's finished car brands. From 2025, it plans to release all new cars as electrified models, including pure electric vehicles and hydrogen fuel cell vehicles. Considering that the development cycle for new internal combustion engine passenger car models is typically around 5 years, and at most 7 to 8 years, it is highly likely that only electric vehicles will be sold from the early 2030s. The company's sales target for 2030 is 400,000 units.

The company plans to launch more than eight electrified models (including hydrogen vehicles) under the Genesis brand by 2030, including four SUVs and two sedans. The sales strategy focuses on advanced markets such as South Korea and the United States, and as a latecomer in the premium brand segment, it aims to concentrate on 'new markets.' Through this, the company plans to transform into a carbon-neutral brand by 2035.

Hyundai Motor Group operated the dedicated electric vehicle GV60 wrapped with promotional phrases to support the bid for the 2030 Busan World Expo at the World Economic Forum held in January this year. [Image source=Yonhap News]

Competition among premium brands in the electrification market has become increasingly fierce. Tesla, which has established itself as a premium brand by price, is rapidly expanding its presence in the global market, while established European premium makers such as BMW and Mercedes-Benz are also focusing on electric vehicle development. BMW and Mercedes-Benz both exceeded double-digit percentages in electric vehicle sales last year. They have firmly established themselves in the premium car market while leading the electrification transition.

Meanwhile, the Genesis brand is expected to achieve cumulative sales of over 1 million units in the second half of this year. Initially, the domestic market accounted for 70-80% of sales, but this dropped to 68.9% in 2021, 62.8% last year, and 55.0% this year. This decline is largely due to increased sales centered on the North American region.

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