Can The Genesis GV60 Electric SUV Live With German Competition?

Genesis, the premium wannabe subsidiary of Hyundai of Korea, is hoping its first electric vehicle the GV60 will be the key to its ambitious plan to shake up German hegemony in Europe, but experts feel the odds are stacked against it, despite the excellence of the product.

Genesis, already building a strong business in the U.S., may have a bit more success than those previously tilting at European windmills like Nissan’s Infiniti, GM’s Cadillac, Tata Motor’s Jaguar and Stellantis’s Alfa Romeo, but not much more.

U.S. premium pretenders like Honda’s Acura and Ford’s Lincoln, never thought it worthwhile even trying in Europe. Mass carmakers like Ford Europe with its concierge scheme, Renault’s Initiale Paris and Peugeot’s DS brand have all tried to move upmarket to capture the fat profit margins snared by the likes of BMW, Mercedes and VW’s Audi and Porsche. Result; many billions of shareholders’ funds trashed and much embarrassment.

Genesis was launched based on the belief the lessons of these multiple failures had been learned. Initial success in the U.S. has raised hopes. Genesis opened for business in the U.S. in 2015 with 7,000 sales which accelerated to 21,200 before the coronavirus shut-down. In 2021, sales boomed to nearly 50,000. Europe presents a tougher nut to crack, but expertise in electrification, shown by the rave reviews received by the all-electric Hyundai Ioniq 5 and the other sibling Kia’s EV6, might beat the Germans at their own game, based on a towering technological and engineering lead, even if this sometimes was based more on wishful thinking than fact.

The GV60 is Genesis’s first electric SUV and it won’t be the last as the brand plans to go all-electric by 2025. Does it have what it takes to shake up the Germans?

Genesis was launched based on the belief the lessons of these multiple failures had been learned. Initial success in the U.S. has raised hopes. Genesis opened for business in the U.S. in 2015 with 7,000 sales which accelerated to 21,200 before the coronavirus shut-down. In 2021, sales boomed to nearly 50,000. Europe presents a tougher nut to crack, but expertise in electrification, shown by the rave reviews received by the all-electric Hyundai Ioniq 5 and the other sibling Kia’s EV6, might beat the Germans at their own game, based on a towering technological and engineering lead, even if this sometimes was based more on wishful thinking than fact.

“Hyundai and Kia may be Genesis’s own worst enemy. I find it difficult to understand why a European Kia or Hyundai customer of the quite excellent Ioniq 5 or EV6 would be prepared to pay a premium for what is essentially the same vehicle without a brand heritage. The Germans will be offering these models with BMW’s Neue Klasse aiming at 3-Series sized vehicles from 2025. Products from Audi/Porsche will also be biting at the bit soon. Genesis may be able to gain an advantage over the next 12-24 months but this will soon disintegrate as fast as a raging straw fire does,” Schmidt said.

Schmidt doesn’t see much scope for Genesis success in Europe at least.

“I think it will end in tears in Europe. This may be more successful in the U.S. though, as Infiniti and Lexus have proven,” Schmidt said.

Genesis GV60 AWD Dual Motor (Sport Plus)

Electric motor – front 242 hp, rear 242 hp, 476 hp

Torque – 700 Nm

Battery – 77.4 kWh, lithium-ion, 697 volts

Gearbox – automatic

Claimed range – 289 miles, city 386

Claimed energy consumption – 19.1 kw/100 km

Charging – 350 kW 18 minutes, 50 kW 73 minutes to 80%, wallbox 11 kW 7 hours 20 minutes

Drive – all-wheels

Top speed – 146 mph

Acceleration – 0-60 mph – 3.9 seconds

Price - £66,405 ($82,000 after tax and before subsidies)