Hyundai Motor's premium brand Genesis has launched its first full-size electric SUV (Sport Utility Vehicle) in an effort to reverse its domestic sales slump. Following the release of its first hybrid vehicle, the GV80 Hybrid, last month, the company has completed its lineup up to the top-tier class, aiming to recover from this year's sluggish sales performance.
Genesis launched its flagship electrified SUVs, the "GV90 Neo Run" and the "GV90," on Tuesday and began accepting orders. The selling prices are as follows: GV90 Standard (7-seater) at 139.5 million won, GV90 Individual Lounge Seat (6-seater) at 145.5 million won, GV90 Neo Run Standard (6-seater) at 189.9 million won, and GV90 Neo Run Executive Suite (4-seater) at 239.5 million won.
The prices for the GV90 reflect a 5% individual consumption tax and eco-friendly vehicle tax benefits, while the price for the GV90 Neo Run reflects a 5% individual consumption tax. The top-tier limited edition GV90 Neo Run First Edition, of which only 222 units will be produced worldwide, is priced at 270 million won.
The GV90 series consists of two models: the standard GV90 equipped with conventional swing doors, and the GV90 Neo Run, which features coach doors known as the "Neo Run Arch Gate," where the front and rear doors open facing each other without a B-pillar. It is equipped with the largest battery among Hyundai Motor Group's electric vehicles, at 123.5 kWh (kilowatt-hours).
The driving range on a single charge is 500 km for the GV90 and 460 km for the GV90 Neo Run. The combined maximum output of the front and rear motors is 490 kW, the highest among the group's electric vehicles. Using a 350 kW-class fast charger, the battery can be charged from 10% to 80% in approximately 22 minutes. It features 12 airbags, including a roof airbag developed for the first time in the world.
The GV90 Neo Run is equipped with electric swiveling seats that rotate 180 degrees, a first for Hyundai Motor Group. The top-tier 4-seater Executive Suite adds radiant heat wood flooring inspired by ondol (traditional Korean underfloor heating), as well as a rear-seat refrigerator and table. The GV90 is the first production model from the Ulsan dedicated electric vehicle factory built by Hyundai Motor at a cost of approximately 2 trillion won.
Genesis's consecutive new car launches are part of a strategy to overcome its recent domestic sales slump. According to Hyundai Motor, Genesis's domestic sales from January to October totaled 68,683 units, a decrease of 29.4% compared to the same period last year.
This is the lowest figure since 2019, when only three sedan models were sold. Sales of its mainstays, the G80 (24,404 units) and GV70 (20,711 units), decreased by 28.6% and 25.9%, respectively, while sales of the GV80 and G90 also dropped by more than 35%.
The annual sales milestone of 100,000 units, which had been exceeded every year since the launch of the GV80 in 2020, is now difficult to achieve this year. During the same period, Tesla's new vehicle registrations in Korea reached 98,313 units, surpassing Genesis by nearly 30,000 units.
The industry cites the aging of key models and the lack of hybrid vehicles as causes for the slump. The G80 and GV70 have been sold without a full model change since their launch in 2020.
Although the share of hybrid vehicles in domestic new car sales rose to 34% this year, Genesis had no hybrid models at all until last September.
The previously launched hybrid models are contributing to sales recovery. The GV80 Hybrid, released on the 6th of last month, sold 959 units in its first month, accounting for 52.9% of total GV80 sales (1,814 units). Monthly sales of the GV80 also increased by 43.9% compared to September. Genesis plans to add hybrid models to the G80 and GV70, which account for the largest share of its sales.
In line with the launch of the GV90, Genesis introduced a dedicated financial product for the flagship model, "The 90," as well as an exclusive membership for purchasing customers.
A Genesis official said, "Driven by the intense interest in the GV90 following its global debut, we have become the first to begin full-scale sales domestically."
in INDUSTRY
