‘Hyundai revamps EV plan: brand will also launch Genesis hybrid in 2025’

Hyundai is revising its plan to roll out the Genesis luxury brand as a ‘full EV’ from 2025. Genesis hybrid models will also be launched in the coming years, according to the Korea Economic Daily.

Until recently, Hyundai planned to supply only Genesis vehicles as BEV or hydrogen vehicle from next year. According to a Korean daily, Hyundai is now changing its plans because the ‘EV market is shrinking’. The brand wants to convince ‘consumers who are unsure about buying a fully electric car,’ the outlet writes. In addition to the existing EVs, Genesis therefore wants to launch the hybrid models G80 and GV70 on the market next year.

Hyundai is struggling with the effects of weakening EV sales. In the fourth quarter of 2023, electric vehicles accounted for 5.3 percent of Hyundai’s sales. That was 5.7 percent a year earlier in Q4. At the same time, the share of hybrid models increased from 7.1 to 10.6 percent during the same period.

In addition, the Korea Economic Daily adds, dealers in the US market are also asking for more variety to meet customers’ needs. Genesis sold 69 thousand cars in the United States last year, more than 12 thousand more than in 2022. The product will not be available for sale in the Netherlands this year.

Fiat, Volkswagen and Ford, among others, have also recently responded to declining EV demand.