In case you haven’t noticed, Genesis is quickly making a name for itself in the United States. The luxury automaker now has 60 dealerships and has expanded into new states in the United States. With the release of the new EV, Genesis is aiming to expand its share of the U.S. luxury goods market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the U.S. luxury goods market. Genesis entered the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced that Genesis would become an independent luxury brand. Since launching its first car in the U.S., the luxury brand’s sales have soared from 7,000 in 2016 to more than 69,000 last year. It even surpassed Nissan’s Infiniti.
According to Genesis, this is just the beginning. The Korean luxury brand is looking to rivals like Porsche and hopes to further expand into the market.
A big reason for the brand’s confidence is its new lineup of stylish electric models. Genesis sells three types of EVs in the United States: the GV60, Electrified G80, and Electrified GV70.
Since introducing the Electrified GV70 last year, the electric SUV is already Genesis’ best-selling EV in the United States. Genesis sold 2,343 electric GV70 models in the U.S. through September, according to Kelley Blue Book.
Genesis aims for bigger share of U.S. luxury goods market
In total, the luxury brand’s EV sales reached more than 4,600 units in the first nine months of 2024, surpassing Porsche (4,291 units) and Volvo (3,644 units).
Genesis made a statement at the LA Auto Show, announcing the updated 2026 Electrified GV70. This luxury electric SUV now has a longer range and a NACS port that allows drivers to charge at a Tesla Supercharger. It is scheduled to be released in the first half of 2025.
Meanwhile, Genesis unveiled its new GV60 Magma Concept at the event, the company’s first purpose-built high-performance EV. The brand believes its Magma Performance brand is comparable to German luxury brands such as Mercedes-AMG, BMW M and Audi RS.
The Genesis GV60 Magma EV will go on sale next year and will spearhead the brand’s “expansion into the realm of performance vehicles.”
Genesis has strengthened the battery and motor while tweaking the chassis, thermodynamics, and profile to increase power and efficiency.
It also features an aggressive new design that is much lower and wider than the current GV60 model. Genesis added Magma’s unique sound system, giving the cockpit a sports car-like feel.
Back in April, we got our first look at the G80 EV Magma concept. This could be a potential challenger to Tesla’s Model S Plaid and Porsche Taycan GT Turbo.
The luxury brand plans to launch its flagship electric three-row SUV, the GV90, next year. Genesis previewed its ultra-luxury EV in March after announcing the NeoRan concept.
Genesis currently has 60 sales locations in the United States, with new stores in Washington, Minnesota, New York and Florida. The company is also building 30 stores in Canada to expand its presence in the North American luxury market.
The luxury brand opens a new dedicated design center in California. Genesis Design California is scheduled to open in the first half of 2025 to build a U.S. network.
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