Genesis Electric Vehicle 'GV60' Surpasses 10,000 Pre-Orders, Signaling Strong Success

Genesis' First Dedicated Electric Vehicle GV60, Popular from Sales Start
Customer Delivery Expected as Early as End of This Month

Genesis' first dedicated electric vehicle 'GV60' / Photo by Mun Honam munonam@

[Asia Economy Reporter Changhwan Lee] Genesis' first dedicated electric vehicle, the GV60, has been a hit, with over 10,000 reservations made within just one week of starting contracts.

According to the automotive industry on the 18th, the GV60, which began full-scale contracts on the 6th, has completed over 10,000 pre-orders as of last week. Although Genesis has not officially disclosed the number of contracts, the industry expects that up to 20,000 pre-orders may be possible before delivery. The GV60 is expected to be delivered to customers in earnest as early as the end of this month or at the latest early next month.

The popularity of the GV60 is a standout figure in the premium electric vehicle market. Compared to the Mercedes-Benz electric vehicle EQA, which recorded about 4,000 pre-orders in June, the number is higher. It is also comparable to Tesla Model 3 and Model Y, which each sold around 7,000 to 8,000 units domestically this year.

Despite its not inexpensive price starting from the high 50 million KRW range, the GV60's success is summarized by its excellent design, advanced features, and subsidy benefits. In particular, its unique advanced technology stands out. Among them, the Face Connect (facial recognition) feature, the first of its kind in the finished car industry, is the highlight. Face Connect automatically locks and unlocks the vehicle by recognizing the driver's face.

A Genesis official explained, "It can recognize the face even in cloudy weather or at night, and even if the face changes somewhat due to makeup or sunglasses." A fingerprint authentication system has also been added, which performs authentication functions necessary for in-car simple payments or valet mode release, and allows starting and driving the vehicle with fingerprint recognition alone, enabling vehicle operation without a key.

Advantage of Receiving 100% Subsidy

Thanks to the price set from 59.9 million KRW, it is also an advantage that the full electric vehicle subsidy can be received. With subsidies from the government and local governments for eco-friendly vehicles, it can be purchased in the high 40 million KRW range. Considering that most other premium Genesis models exceed 60 million KRW, the price competitiveness is also excellent. However, it should be noted that subsidies from major local governments are largely depleted, which may delay delivery dates to next year.

Genesis plans to significantly strengthen its electric vehicle lineup starting with the GV60. It is preparing to launch derivative electric vehicle models of the popular SUV models GV70 and GV80, and additional dedicated electric vehicles will also be added. Previously, Genesis announced a long-term strategy to release all new cars as electric or hydrogen vehicles starting in 2025. By 2030, it plans to establish at least eight electric and hydrogen vehicle models.

An automotive industry official said, "Genesis has not officially disclosed the number of GV60 pre-orders, but it is performing better than expected, creating an encouraging internal atmosphere," adding, "Considering the symbolism of Genesis' first dedicated electric vehicle, its popularity is expected to continue at least until next year."