Hyundai’s luxury brand, Genesis, emerged as a front-runner in the electric vehicle (EV) market in the United States last year, surpassing both Lexus and Lucid in EV sales. The brand experienced an exceptional growth trajectory, with EV sales nearly quadrupling in 2023 as Genesis solidifies its presence in the luxury EV segment.
Pioneering a commitment to cease new gas-powered vehicle sales by 2026, Genesis is swiftly expanding its footprint in the US with the introduction of new models. As of October 2023, Genesis EVs were available in 33 states, a remarkable increase from early 2023, showcasing the brand’s dedication to widespread accessibility.
The journey began in May 2022 when Genesis launched its first all-electric vehicle, the GV60, in the US. Subsequent additions to the lineup include the Electrified GV70 SUV and Electrified G80. The GV70, the first EV produced by Genesis (Hyundai) in the US, rolled off the assembly line nearly a year ago, highlighting the brand’s commitment to electric mobility.
The strategic focus on EVs is paying dividends for Genesis, with the brand witnessing the highest percentage sales gain among Hyundai Motor brands, which includes Hyundai and Kia. In 2023, Genesis sold an impressive 6,403 EVs, marking a substantial 283% increase from the 1,671 units delivered in 2022.
Leading the charge, the Genesis GV60 secured the top spot with 3,400 units sold, followed by the Electrified GV70 (1,674) and Electrified G80 (1,329), all experiencing triple-digit year-over-year growth.
Genesis claimed a 0.5% share of the market in 2023, with a slightly increased 0.6% share in Q4. Notably, in the final quarter of the year, Genesis sold 2,042 EVs, coming close to Porsche’s US sales of 2,358. It’s worth mentioning that Porsche, with its singular all-electric vehicle, the Taycan, is in a unique position.
Aligning with broader industry trends, Hyundai Motor, which includes Kia and Genesis, committed to adopting Tesla’s North American Charging Standard (NACS), facilitating wider charging access and potentially driving EV adoption.
In the latest developments, the 2024 Genesis Electrified G80 introduced a more affordable Advanced trim, reducing the starting price by $5,380 compared to the previous year. The new trim brings the starting price down to $75,570, and Genesis has also reduced the price of the Prestige trim to $80,320, $630 less than the 2023 model. This strategic pricing adjustment positions Genesis competitively in the evolving luxury EV market.
