What?
Genesis, the luxury brand under Hyundai, is quickly gaining ground in the US luxury market with its bold style and premium design. The brand has surpassed competitors like Nissan’s Infiniti and is now setting its sights on Porsche and Land Rover in terms of sales. Genesis has experienced significant growth since its US debut in late 2016, with sales skyrocketing from less than 7,000 to over 69,000 units last year. The brand’s success is mainly attributed to its expanding lineup of all-electric models, which include the GV60, Electrified GV70 SUV, and Electrified G80 sedan. In 2023, Genesis sold 6,403 EVs in the US, outperforming rivals like Lexus and Lucid.
Why does it matter?
Genesis’ success in the luxury EV market is reshaping the industry landscape, challenging well-established players like Porsche and Land Rover. The brand’s strong growth trajectory is fueled by the increasing demand for electric vehicles and Genesis’ commitment to innovation and high performance. With the introduction of the Neolun concept, a full-size luxury electric SUV, Genesis is showcasing its dedication to pushing technological boundaries. The launch of the Magma brand, focusing on high-performance vehicles, aims to attract a new segment of buyers and elevate the brand’s profile in the market.
Genesis has expanded the availability of its electric models to 37 US states, indicating a strategic move to reach a broader customer base and solidify its position in the EV market. The brand’s COO, Claudia Marquez, emphasizes the importance of this growth phase in introducing more customers to Genesis’ award-winning EV lineup. By making its electric vehicles accessible in more states, Genesis is capitalizing on the increasing interest and demand for electric mobility solutions across the country.
How is it going to shape the future?
Genesis’ ambitious growth plans and focus on electric vehicles are expected to drive continued success in the luxury market. With projected double-digit sales growth annually, Genesis is well-positioned to become a significant player in the EV segment. The brand’s introduction of the Magma brand and expansion of EV availability demonstrate its commitment to innovation, performance, and customer accessibility. As Genesis continues to introduce cutting-edge electric vehicles and expand its footprint in the US market, it is likely to disrupt traditional luxury automakers and set new standards for sustainable and high-performance vehicles.
Source: https://electrek.co/2024/05/14/genesis-quietly-outpacing-luxury-rivals-ev-availability-expands/