Genesis targets broader European presence with EV trio

Genesis, Hyundai Motor Co.'s premium brand, is expanding its European footprint to four additional countries -- France, Spain, Italy and the Netherlands -- with the launch of the GV60 and the electrified versions of the GV70 and G80. 

Strict climate regulations in Europe may provide the Korean high-end brand a foothold, offsetting the blow from the US' 25% tariff on Korean car imports.

Genesis is targeting early next year to start deliveries of the models in the European countries as the region moves toward a 2035 ban on internal combustion engine cars.

EVs account for 23% of the roughly 930,000-unit premium car market across the four nations.

“Our entry into these important markets is a pivotal moment for Genesis. We are moving now to deepen our long-term presence and commitment across Europe,” Xavier Martinet, managing director at Genesis Motor Europe, said in a press release on Friday.

“This is the most significant market expansion since we launched in Europe in 2021 and is the start of our next phase of measured, strategic growth and sporting brand direction,” he added.

Currently, Genesis operates in three European countries: Germany, Switzerland and UK.

The GV60 is a compact sports utility vehicle (SUV), GV70 serves as Genesis' flagship SUV, while the G80 is a luxury saloon. All three models have recently undergone comprehensive enhancements, the company said.

Martinet announced the expansion plan during the 24 Hours of Le Mans, a legendary endurance-focused sports car race, where it debuted this month.

Genesis aims to boost its brand awareness and demonstrate its performance capabilities through motorsport participation.

“Our distinctive electric models have strong European appeal and the demand is growing. With these new markets, and our audacious approach to motorsport, we look forward to introducing new customers to our design-driven performance brand,” Martinet told reporters in the press release.

The Genesis Magma Racing team is competing at the 24 Hours of Le Mans for the first time in the Le Mans Prototype 2 category.

Once development of the GMR-001 hypercar is complete, Genesis plans to to enter the top-tier Hypercar class of the race starting next year.

Launched in 2015 as a standalone luxury brand under Hyundai Motor Group, Genesis has seen global sales nearly tripling to 229,532 units in 2024 from 77,135 units in 2019.

However, the brand remains heavily dependent on South Korea and the US, which accounted for 57% and 33% of its sales, respectively, in 2024.

In Europe dominated by established brands like Mercedes-Benz, BMW and Audi, Genesis sold just 2,260 units last year.

Write to Bo-Hyung Kim at Kph21c@hankyung.com
 

Yeonhee Kim edited this article.