GENESIS U.S. EV SALES INCREASED SLIGHTLY IN Q1 2024

The company offers three models, but its total volume remains under 1,000 units.

Genesis car sales in the U.S. in the first quarter of 2024 amounted to 14,777 units (up 7.3% year-over-year). Hyundai's luxury arm also improved its all-electric car sales, but only slightly.

According to the data released by the broader Hyundai Motor Company, Genesis's EV sales amounted to 992 in Q1, 6% more than a year ago. It represents 6.7% of the Genesis' total volume, compared to 6.8% a year earlier.

Genesis offers three all-electric models. The Genesis Electrified G80, Genesis Electrified GV70, and the E-GMP-based Genesis GV60 (a cousin of the Hyundai Ioniq 5).

One thing in common of all three cars is that they sell only at a three-digit volume per quarter. In Q1 it was 104 G80 EVs, 415 GV70 EVs and 473 GV60s. Unfortunately for Genesis, only the Electrified GV70 noted a year-over-year growth (from a low base a year ago).

This is a bit worrying, especially when combined with the brand's global EV wholesale shipments decline in Q1 (by 53% year-over-year to 2,741).

Genesis BEV sales in Q1'2024 (YOY change):

• Genesis Electrified G80: 104 (down 73%)
• Genesis Electrified GV70: 415 (up 822% from 45)
• Genesis GV60: 473 (down 8%)
• Total: 992 (up 6%) and 6.7% share

Genesis BEV sales in the U.S. - March 2024

For reference, in 2023, Genesis sold 6,403 EVs (up 303% year-over-year), accounting for 9.3% of the brand's overall sales.

Genesis BEV sales in 2023 (YOY change):

• Genesis Electrified G80: 1,329 (new)
• Genesis Electrified GV70: 1,674 (new)
• Genesis GV60: 3,400 (up 114%)
• Total: 6,403 (up 303%)

It's hard to be optimistic for Genesis EV sales this year. There is a chance for growth, but it seems that it will not be easy in 2024.

Genesis' least expensive EV model is the GV60, which starts at an MSRP of $52,000. The Electrified GV70 starts at $66,450, but despite being locally produced, it currently does not qualify for the $7,500 federal tax credit. The incentive might be available through leasing. In the case of the Electrified G80, the base price is $74,375.

The EPA driving range of Genesis EVs varies between 235 and 294 miles.

See also

• The Genesis GV60 Magma Packs 'A Couple Hundred Horsepower' Over Performance Trim
• Genesis Neolun Concept: A Stunning Electric Full-Size Luxury SUV

2024-04-15T14:27:24Z dg43tfdfdgfd