GV60 Officially Confirmed as New Genesis EV

Backslack

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Genesis will get GV60 EV in late 2021, dealers told​


The aggressive product cadence already planned for this year at luxury upstart Genesis has a new edition: The new GV60 battery-electric crossover is expected to launch by the end of 2021.

Dealers attending the NADA make meeting on Wednesday already knew Genesis was working on an electric vehicle, but the name, timing and other details had not been confirmed until then.

"Product is always top of mind for dealers, and we actually got a huge product announcement," said Peter Lanzavecchia, chairman of the Genesis National Dealer Advisory Council and owner of Genesis of Cherry Hill in Marlton, NJ.

"It was made official that our first battery-electric vehicle will be a luxury SUV called the GV60," Lanzavecchia told Automotive News . He said dealers were pleased that Genesis chose a crossover body style for its first EV rather than something closer to the Mint urban car concept from 2019.

Retailers weren't shown pictures of the GV60, but the assumption is that it will be smaller than the new gasoline-engine GV70 crossover that's expected to launch around the summer.

The EV announcement comes on top of plans for the GV70 and a freshened G70 compact sedan this year. The Korean luxury brand saw the arrival of its first crossover, the GV80, in December, meaning that over the course of this year, it will go from one crossover to three.

While dealers expressed interest in a future GV90 crossover as part of the product portfolio, executives from Hyundai Motor America and its Genesis brand did not commit to a larger gasoline SUV, the dealer council chairman said.

According to Lanzavecchia, Genesis Motor North America CEO Mark Del Rosso told dealers that "the reservation and presale process will continue for these product launches because it's going to be intentionally running lean."

That will mean keeping inventory at a level that supports transaction price

"That's great news for retailers," Lanzavecchia said. "We really have to get out of the Hyundai mindset where it's all about bulk, throughput, volume.

"We've got to protect our pricing power and protect the exclusivity of the brand."

At the same time, Genesis needs to compete on lease prices with its German and Asian luxury rivals, especially in heavy lease markets in the Northeast, in Florida and on the West Coast. Genesis made a commitment to monitor leases by market to keep the monthly payments competitive, Lanzavecchia said.

 

Gurgeh

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Noted this quote:
"According to Lanzavecchia, Genesis Motor North America CEO Mark Del Rosso told dealers that 'the reservation and presale process will continue for these product launches because it's going to be intentionally running lean.'

"That will mean keeping inventory at a level that supports transaction price

" 'That's great news for retailers,' Lanzavecchia said. 'We really have to get out of the Hyundai mindset where it's all about bulk, throughput, volume. We've got to protect our pricing power and protect the exclusivity of the brand.' "


So, in other words, Mr. Lanzavecchia celebrates Genesis intentionally keeping supply constrained with its crossover products to enable dealers here to continue to squeeze out prices above MSRP and avoid having to compete with each other or do much investing in the brand or improving the quality of the sales experience.
 

Backslack

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Noted this quote:
"According to Lanzavecchia, Genesis Motor North America CEO Mark Del Rosso told dealers that 'the reservation and presale process will continue for these product launches because it's going to be intentionally running lean.'

"That will mean keeping inventory at a level that supports transaction price

" 'That's great news for retailers,' Lanzavecchia said. 'We really have to get out of the Hyundai mindset where it's all about bulk, throughput, volume. We've got to protect our pricing power and protect the exclusivity of the brand.' "


So, in other words, Mr. Lanzavecchia celebrates Genesis intentionally keeping supply constrained with its crossover products to enable dealers here to continue to squeeze out prices above MSRP and avoid having to compete with each other or do much investing in the brand or improving the quality of the sales experience.
Lanzavecchia is a dealer. Of course he celebrates getting to charge customers more.

Supply is constrained because Hyundai literally does not have the manufacturing capacity to build more Genesis. The GV80 production is maxed out at only a bit over 2000 units per month internationally. Whatever the independent dealers charge for that limited supply is something that Genesis has zero control over. We've been through these topics time and again but I guess it's just easier to ignore the facts and be an angry Amazon reviewer.

Try to make a case for dealers to use those markup profits over MSRP to build the standalone facilities and expand services, and they'll laugh in your face and sue Hyundai corporate again, as they have twice in the past. They're all in it for short-term profits and couldn't give less of a damn if it was badged as a Hyundai or Genesis.
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pulsar

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Lanzavecchia is a dealer. Of course he celebrates getting to charge customers more.

Supply is constrained because Hyundai literally does not have the manufacturing capacity to build more Genesis. The GV80 production is maxed out at only a bit over 2000 units per month internationally. Whatever the independent dealers charge for that limited supply is something that Genesis has zero control over. We've been through these topics time and again but I guess it's just easier to ignore the facts and be an angry Amazon reviewer.

Try to make a case for dealers to use those markup profits over MSRP to build the standalone facilities and expand services, and they'll laugh in your face and sue Hyundai corporate again, as they have twice in the past. They're all in it for short-term profits and couldn't give less of a damn if it was badged as a Hyundai or Genesis.
Agreed. Limiting supply to intentionally promote dealers to feculate pricing does nothing for Genesis corporate. You want brand recognition and getting more cars in hands of buyers, limiting production does nothing for the bigger picture. Some folks, regardless of popularity or vehicle desire will not pay some of these crazy dealer markups. The present dealer network is after profits with little to no investment in the brand or building the brand up.
 

Gurgeh

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67
30
18
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No Genesis Yet!
Lanzavecchia is a dealer. Of course he celebrates getting to charge customers more.

Supply is constrained because Hyundai literally does not have the manufacturing capacity to build more Genesis. The GV80 production is maxed out at only a bit over 2000 units per month internationally. Whatever the independent dealers charge for that limited supply is something that Genesis has zero control over. We've been through these topics time and again but I guess it's just easier to ignore the facts and be an angry Amazon reviewer.

Try to make a case for dealers to use those markup profits over MSRP to build the standalone facilities and expand services, and they'll laugh in your face and sue Hyundai corporate again, as they have twice in the past. They're all in it for short-term profits and couldn't give less of a damn if it was badged as a Hyundai or Genesis.
I agree with everything you said. I might not have been clear enough in my original post. I understand that Lanzavecchia is a dealer and what state franchise laws do -- and that there is no clear way towards fixing Genesis' one main problem in kicking the competition among luxury automakers. Thanks for your spot on comments.
 

YEH

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Agreed. Limiting supply to intentionally promote dealers to feculate pricing does nothing for Genesis corporate. You want brand recognition and getting more cars in hands of buyers, limiting production does nothing for the bigger picture. Some folks, regardless of popularity or vehicle desire will not pay some of these crazy dealer markups. The present dealer network is after profits with little to no investment in the brand or building the brand up.

Don't think they're intentionally limiting supply for the sake of the dealerships (altho, they probably prefer not having enough to having too much).

H/G simply has too many new models which are competing for production capacity.

There were the Kona, Venue and Palisade (which bumped production of NA Tucsons to Bama), the GV80, GV70, the upcoming Santa Cruz, GV60, the Ioniq 5/6/7 and the BoF pickup and SUV (of which Genesis is likely to get a variant), etc. (was supposed to be a Genesis 2-door, but may see a couple more dedicated BEVs in lieu of the coupe).

Hyundai has been looking into expanding its Bama facilities further (already expanded to assemble the Tucson and Santa Cruz) or building a new plant somewhere in NA, which would also manufacture for Genesis (likely the CUVs).

But until that happens, supply of the GV80 and GV70 will likely remain tight (and probably won't see a GV90 until then).

What we're seeing is one of the greatest automotive lineup expansions - new luxury lineup, new dedicated BEV lineup(s), new BoF lineup - after having expanded its CUV lineup (Venue, Kona, Palisade).
 
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