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Reports across the auto industry have pointed to a measurable downfall in EV sales, and the news has a number of automakers concerned enough to rethink their electrification strategies. Genesis appears to be among those put on alert, as the luxury brand is reportedly moving to place EVs on the back burner while it prepares hybrid powertrains to take their place.
According to The Korean Economy Daily, Genesis is currently working on launching a slew of hybrid models, likely based on its existing gas offerings. Unlike parent company Hyundai, the brand has little to no experience with hybrid powertrains, as its previous plans were to move directly from gas to full electric power. The hybrid Genesis models will allegedly pair their electric bits with a 2.5-liter gas engine, and while dealers are currently pushing for plug-in hybrid versions as well, the first hybrid rollout won't include PHEVs.
While Genesis had previously set an ambitious goal to make all new vehicles fully-electric from 2025 onward, sales of the company's current EV offerings speak otherwise. Out of the 225,189 vehicles sold last year, only 18,846 represented EVs––the GV60, Electrified GV70, and Electrified G80 make up its current battery-powered lineup.
As for Hyundai Group overall, reports comparing the fourth quarter of last year with that of the year before reveal that EV market share fell to 5.3 percent, down from 5.7 percent. Meanwhile, hybrid share grew from 7.1 percent to as much as 10.6 percent. Over at Hyundai, plug-in hybrid sales saw a considerable 41% increase, while Kia similarly experienced a sizable 51% boost in hybrid sales.
Assuming Genesis's impromptu revisions pan out, we could see hybrid variants of its gas models appear as soon as 2025. The aforementioned report out of Korea indicates that the GV70 crossover and G80 sedan could be among the first to get their more efficient counterparts.
Image Credits: Genesis
Report
Feb 27, 2024
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Genesis Reconsidering EV Transition, May Launch More Hybrids Instead
Declining demand for battery-electric vehicles is putting automakers on alert.
Reports across the auto industry have pointed to a measurable downfall in EV sales, and the news has a number of automakers concerned enough to rethink their electrification strategies. Genesis appears to be among those put on alert, as the luxury brand is reportedly moving to place EVs on the back burner while it prepares hybrid powertrains to take their place.
According to The Korean Economy Daily, Genesis is currently working on launching a slew of hybrid models, likely based on its existing gas offerings. Unlike parent company Hyundai, the brand has little to no experience with hybrid powertrains, as its previous plans were to move directly from gas to full electric power. The hybrid Genesis models will allegedly pair their electric bits with a 2.5-liter gas engine, and while dealers are currently pushing for plug-in hybrid versions as well, the first hybrid rollout won't include PHEVs.
While Genesis had previously set an ambitious goal to make all new vehicles fully-electric from 2025 onward, sales of the company's current EV offerings speak otherwise. Out of the 225,189 vehicles sold last year, only 18,846 represented EVs––the GV60, Electrified GV70, and Electrified G80 make up its current battery-powered lineup.
As for Hyundai Group overall, reports comparing the fourth quarter of last year with that of the year before reveal that EV market share fell to 5.3 percent, down from 5.7 percent. Meanwhile, hybrid share grew from 7.1 percent to as much as 10.6 percent. Over at Hyundai, plug-in hybrid sales saw a considerable 41% increase, while Kia similarly experienced a sizable 51% boost in hybrid sales.
Assuming Genesis's impromptu revisions pan out, we could see hybrid variants of its gas models appear as soon as 2025. The aforementioned report out of Korea indicates that the GV70 crossover and G80 sedan could be among the first to get their more efficient counterparts.
Image Credits: Genesis
