First Dedicated Electric Vehicle 'GV60' Debut
Benefits Provided Regardless of Lease with Electric Pie America
'Two-Track' Strategy with Premium Pricing
Leading the Electric Vehicle Market
[Asia Economy Reporter Choi Dae-yeol] Genesis has launched its first dedicated electric vehicle, the GV60, in the United States. This marks the first time Hyundai Motor Company has introduced an electric vehicle under its premium brand Genesis in the U.S. market. The company has embarked on an aggressive promotional campaign, including offering three years of free charging benefits in partnership with a local company.
According to materials distributed by Genesis on the 17th (local time) in the U.S. and local foreign media reports, the new model has been released only in certain regions such as California, New Jersey, and New York. The GV60 is a compact sport utility vehicle (SUV)-sized model and, along with Hyundai’s Ioniq 5 and Kia’s EV6, is the first dedicated electric vehicle model to apply the company’s self-developed electric vehicle platform (E-GMP). Other electric vehicles under the Genesis brand include the mid-large sedan G80 and the mid-size SUV GV70, both based on internal combustion engine models.
A notable feature of this new model launch is the provision of free charging (30 minutes per session) for three years, regardless of whether the customer is an individual or leasing. This promotion is conducted in collaboration with Electrify America, the largest charging infrastructure company in North America and a leader in the deployment of fast chargers. The local launch price is $58,890 for the all-wheel-drive model (manufacturer’s suggested retail price) and $67,890 for the performance model. These prices are similar to or slightly higher than those of competing electric vehicle models from Mercedes-Benz and Volvo in the local market. This “two-track” strategy aims to establish the brand as premium by not lowering prices while enhancing customer benefits through free charging.
This aggressive new car promotion is interpreted as a move to seize leadership in the rapidly growing electric vehicle market. Although the U.S. electric vehicle market has been somewhat behind Europe and China, it has been expanding rapidly since President Biden took office and pushed for broader adoption.
As the home base of Tesla, the world’s largest electric vehicle manufacturer, and with local major automakers such as General Motors (GM) and Ford continuously launching or developing new models, the market has grown. European brands like Volkswagen and Mercedes-Benz, as well as Japanese companies such as Toyota and Honda, are also converting local factories to electric vehicle production or focusing on electrified models of SUVs and pickup trucks, which are highly favored locally, or planning to launch such models.
From Hyundai Motor Group’s perspective, the U.S. has emerged as the largest single market, and with recent gains in local market share where electric vehicles and the Genesis brand have played a clear role, expectations for the new model are naturally high.
In particular, Genesis has aggressively planned its electrification strategy, aiming to release only electric vehicles for all new models after 2025 and to stop selling internal combustion engine vehicles altogether from 2030. This approach considers the relatively advanced internal combustion engine technology of existing premium brands, which may cause them to be passive due to lingering attachment. Hyundai Motor Group Chairman Chung Eui-sun encourages this with the motto, “Let’s be the first mover in electric vehicles.”
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