Genesis G80·GV80 to Launch in the US as Early as This Fall
Hyundai's US Sales Rebound... Continued by Genesis New Models
Hyundai Targets 350,000 US Sales in Second Half of the Year
Genesis Domestic Surge... GV70 and G70 Expected to Launch in Second Half
[Asia Economy Reporter Suyeon Woo] Hyundai Motor Company plans to continue its rebound momentum by launching the new Genesis models G80 and GV80 in the U.S. market in the second half of this year. Leveraging the popularity of these new models proven in the domestic market, the company has set an aggressive goal of selling more than 350,000 units in the U.S. alone during the second half of the year.
According to the automotive industry on the 4th, Hyundai is considering launching the G80 and GV80 in the U.S. as early as this fall. Although the launch was delayed compared to the original plan due to the spread of the novel coronavirus (COVID-19), pre-order responses have been positive. Genesis began pre-orders for the G80 and GV80 in the U.S. in March and May respectively, and the GV80 has already secured contracts for over 10,000 units.
Last month, Hyundai’s U.S. sales returned to an upward trend compared to the previous year, effectively overcoming the COVID-19 setbacks. In the second half of the year, the company plans to boost market share by introducing the new Genesis models to the local market. U.S. media outlets view Genesis as sufficiently competitive in the fiercely contested luxury car market.
Kim Sang-hyun, Executive Vice President and Head of Hyundai Motor’s Finance Division, emphasized, "Our sales target for the U.S. market in the second half is set at around 350,000 units, a 25% increase compared to the first half. We will maintain the Sports Utility Vehicle (SUV) ratio at over 60% while focusing on improving product mix and expanding retail market share in the U.S. to enhance profitability."
Genesis has also surpassed 60,000 units sold in the Korean market, signaling a positive outlook for achieving this year’s global brand sales target of 116,000 units. According to Hyundai, Genesis sold 65,000 units domestically from January to July this year, a 65% increase compared to the same period last year. This is the first time in history that Genesis sales in the domestic market have exceeded 60,000 units by July.
Until the same period last year, Genesis sales were around 30,000 units, but surpassing 60,000 units this year is thanks to the success of the third-generation new G80 and the brand’s first SUV, the GV80, launched in the first half of the year. Considering steady monthly sales of over 10,000 units for the remaining months of the year and plans for overseas expansion, achieving the brand’s annual target of 110,000 units appears feasible.
The biggest contributor to Genesis’s growth this year was the mid-to-large sedan G80. From January to July, the G80 sold 28,993 units, accounting for about 48% of Genesis sales. The brand’s first SUV, the GV80, recorded cumulative sales of 20,016 units, approaching this year’s sales target of 24,000 units. As a result, Genesis’s share of Hyundai’s domestic sales rose to 14.3% last month, more than doubling compared to 6.8% in July of last year.
In the second half of this year, Genesis is preparing to launch the facelifted compact sports sedan G70 and the mid-size SUV GV70. This strategy aims to expand into the compact premium market, and sales are expected to gain momentum in the second half. As of the end of the second quarter, there are about 40,000 units of G80 and GV80 waiting for delivery domestically, and with the addition of the facelifted G70 and GV70 lineup, some forecasts suggest that Genesis could achieve its highest sales record ever this year.
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