Genesis set to triple sales, with GV70 the volume seller

Genesis expects the new GV70 to account for almost half of its sales.

The company is also expecting to triple its 2020 sales figures, albeit from a low base.

The new GV70 mid-sized SUV, the brand’s first, is expected to make up 40 per cent of Genesis sales.

With the brand expected to clock 700 sales by the end of the year, that means Genesis wants the GV70 to log at least 280 sales annually moving forward.

Given the brand’s upward trajectory and expanding retail network, the GV70 could see an even higher sales figure at the end of 2022.

The larger GV80 SUV is expected to be the brand’s second-best seller.

Introduced around a month ago, Genesis has already sold 80 examples of the GV70 to the end of July, pushing it past the G70 (45) and G80 (32) sedans. It’s also sold 185 GV80 models.

Overall, the brand has already exceeded its 2020 tally with 342 sales against 229. For most of last year, the brand had only two sedans in a market hungry for SUVs.

The same year, the lowest-volume internal combustion engine-powered model in the mid-sized luxury SUV segment, the Alfa Romeo Stelvio, logged 414 sales.

The likes of the Land Rover Discovery Sport, BMW X4 and Mercedes-Benz GLC Coupe each sold over 1000 units, while the segment’s heavy hitters were the Volvo XC60 (2858), Audi Q5 (2992), Lexus NX (3518), BMW X3 (4360) and Mercedes-Benz GLC wagon (1329).

Genesis executives in Australia typically don’t provide sales targets, though the brand’s CEO Jun Heo made headlines late in 2020 with his ambition to eventually reach 10 per cent market share in the luxury segment.

That would mean leapfrogging Lexus to become Australia’s fourth most popular luxury brand. Mr Heo didn’t specify what year he wanted to achieve this by.

Genesis executives say there’s been a fairly even split between conquest sales from rival luxury brands and sales to owners of Hyundai products seeking to upgrade to a luxury brand, while the new SUV models have brought younger buyers – including families – into the fold.

The company expects the highest-volume variant will be the 2.5T AWD variant, accounting for the lion’s share of GV70 sales at 45 per cent.

The flagship 3.5T AWD Sport is expected to account for 25 per cent of sales, although this may be higher at first due to early adopters who want to get the most expensive model.

The 2.2D AWD (20 per cent) and 2.5T RWD (10 per cent) round out the range.

A new variant will soon sit atop the GV70 range, and this is expected to be the all-electric GV70 Electrified that was revealed on a product roadmap.

Genesis executives said the 3.5T AWD Sport sits at the pinnacle of the GV70 range “for now”, suggesting the GV70 Electrified will be priced higher.

The GV70 3.5T AWD Sport costs $83,400 before on-road costs.

Using the Electrified G80 sedan as a guide, the GV70 could feature a dual-motor powertrain with a combined 272kW of power and 700Nm of torque.

Genesis says the Electrified G80 can sprint from 0-100 in 4.9 seconds, while it’s also capable of charging using 350kW fast charging to replenish the battery from 10 per cent to 80 per cent in “just 22 minutes“.

The GV70 Electrified is expected to be one of the three EVs Genesis has announced it willl launch in the first half of next year, joining the G80 Electrified and GV60.

The latter will differ in using the dedicated, all-electric E-GMP architecture, which it’ll share with the Hyundai Ioniq 5 and Kia EV6.

The company has mooted a revised after-sales package to help ease buyers into electric vehicle ownership. Rivals like Audi and BMW offer features like free charging subscriptions for their electric vehicles.

Additionally, Genesis is introducing a new Sport variant of its G80 and a Shooting Brake version of the updated G70 before the end of 2021.

The expanded Genesis range will be sold in an expanded retail network.

The brand will add three Test Drive Centres by the end of this year – one in Western Australia, one in Brisbane and one in the Gold Coast.

It’s also opening a third flagship studio, also in Brisbane. The company is also still looking to offer a guaranteed future value program to help attract new customers.