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.