Hyundai’s luxury brand, Genesis, will replace its sport utility vehicle (SUV) lineup with an all-new model by 2025. The current four-model GV lineup will be expanded to six models. The new GV lineup aims to improve Hyundai’s mid- to long-term profitability by raising the average selling price per unit.
Genesis GV80 Coupe Concept.
According to industry reports on Nov. 23, Genesis will sequentially introduce productivity-enhancing models across its lineup, from the GV60 to the GV70 and GV80, from the second half of this year to the end of 2025. An all-new GV90 is also expected to debut. When the full GV lineup is completed, the current four-model lineup will be expanded to six, helping to drive Genesis sales growth.
Following the GV80 partial facelift (project name JX1 PE) of the midsize SUV lineup this October, Genesis will produce a new pruned model, the GV80 Coupe (JX1 Sport Coupe)안전놀이터, early next year. The annual production target is 70,000 units, including 65,000 GV80s and 5,000 GV80 Coupes. The new GV80 Coupe is expected to target the high-performance SUV market by enhancing driving performance beyond its sleek coupe-like design.
Genesis GV70 Electric Vehicle.
Next year, the midsize SUV lineup GV70 will receive its first product enhancement in three and a half years. We plan to start developing a prototype model this year and mass-produce a partially modified model in 2024. Production of the GV70 (JK1 PE) is scheduled for May next year and the GV70 Electric (JK1 EV PE) in August of the same year. The annual production target is 34,000 GV70s and 6,000 GV70 EVs. Powertrain performance improvements are expected along with interior and exterior design changes.
The GV60 is an electric vehicle exclusively for Genesis.
Strengthening the electric vehicle lineup is also in the spotlight. The new GV60 model (JW1 EV PE), the first dedicated EV under the Genesis brand, is in development. A prototype model is scheduled to be built early next year and mass-produced in February 2025. The annual production target is 20,000 units, with additional models planned for Europe and North America.
The project for the flagship large electric SUV GV90 (JG1) is also underway under tight security. The target date for the final series production is November 2025. As development of the prototype model has not yet begun, the vehicle specifications and production schedule are fluid. The GV90 is expected to use the next-generation platform eM instead of Hyundai Motor Group’s proprietary electric vehicle platform E-GMP, which is expected to significantly enhance performance.
A teaser image of the Genesis GV lineup.
The reorganization of the GV lineup is expected to drive Hyundai’s profitability. Cumulative sales of the Genesis totaled 903,874 units (275,556 overseas) as of the first quarter of this year. It is expected to surpass 1 million units in the second half of this year.
Hyundai Motor achieved a record high operating margin of 9.5% in the first quarter, thanks to its sales strategy centered on high-value vehicles such as Genesis and SUVs. Genesis and SUVs accounted for 57.8% of Hyundai’s total sales in Q1, up 10 percentage points (P) from 2021 (48%).