New report indicates that Genesis is pivoting away from EV plans with new hybrid version of GV70 SUV.
A new report says that the GV70 is about to get a new range-extended hybrid variant
Genesis made waves when the luxury brand revealed that it was putting its chips in on EVs with ICE models slowly giving way to a fully electrified lineup. The brand even made baby steps with the Genesis GV60 and the G70 and GV70 Electrified models.
However, EV sales and demand are slowing down due to changing market factors and this has forced many automakers to second-guess their EV strategies. A new report suggests that Genesis is the latest to shift gears on electrification with a new report suggesting that a new range-extended hybrid model will come to the U.S. in 2026 in an attempt to expand Genesis’s customer base.
Range-extended hybrid part of broader trend
This new hybrid model would help create a bridge between the ICE and EV models in Genesis showrooms
The report first published by the Korean Car Blog and later by Carbuzz highlights an expanding trend that we have seen in the automotive world with more automakers reconsidering hybrid models for their fleets as the shift to EVs proves slower than expected. In the case of Genesis, the report says that the company is working on a range-extended hybrid version of the GV70 SUV.
This would be a massive pivot for the Korean luxury car brand with Genesis reps in the past saying that the company would only produce EVs and hydrogen-electric vehicles starting in 2025. This ambitious plan would have taken advantage of parent firm Hyundai’s strong presence in the hydrogen fuel cell industry with the hydrogen-electric models potentially benefitting from lessons Hyundai learned on the technology. However, it appears that lukewarm consumer demand and feedback are forcing the brand to shift to a game plan where ICE engines will continue to be a part of the action with the shift to electrification being scaled back.
A cost-effective solution
The hybrid would be built on familiar bones with an interior that would largely be unchanged
Unlike other new models that require a massive initial investment, Genesis is reportedly trying its best to make the model as cost-effective as possible. That includes not making a new platform or putting the variant in as part of a broader redesign. Instead, Genesis is reportedly making the hybrid on the existing GV70’s platform which would reduce the amount of time it would need to move from development to production.
The appearance of a hybrid model would also help fill a small void in the GV70 lineup with the model currently only being offered either with gasoline engines or a fully electric model. The hybrid would help create a bridge between the two and would in theory offer the best of both worlds with the gasoline engine’s power being complimented by a usable amount of all-electric range. The report says that the hybrid application here would be similar to Nissan’s e-Power system with the fully electric powertrain being paired with a small gasoline engine that would act as a generator to help charge the battery pack.
In theory, this setup would allow customers to experience the benefits of an EV but without some of the drawbacks that often come with a pure electric vehicle. This includes the awkward transition between gas and electric power which should please buyers that want the perfect balance of both worlds in their SUV purchase.
More Genesis Stories
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Made for the U.S.
The hybrid could appear sooner than many folks might expect
The report also says that the GV70 hybrid would be specific to the U.S. market which could indicate that the brand could possibly shift from long-standing practice and give the U.S. first dibs on the variant instead of releasing it first for the South Korean home market before widening the model’s distribution web. Look for pricing to potentially reflect its role as a tweener model with the hybrid being more than a pure ICE version but noticeably less expensive than the GV70 Electrified.
Thankfully the Koreans are fast on their feet. The ‘big’ three are just learning the EV ‘craze’ is over; however they will continue throwing $$$ at their EV plants.
The EV “craze” is far from “over.” How many segments of the U.S. market have experienced a 10% annual growth rate? That’s rare. But that’s also what EVs are on track for in 2024. Actually, preliminary numbers suggest that could be low. Even then, we’re likely to see them account for somewhere between 1.2 million and 1.3 million vehicles sold this year. That’s far from insignificant. Hybridized models, meanwhile, are now running slightly ahead and could reach or top 1.5 million. So, in total, at just short of 3 million, electrified vehicles will account for nearly 1 in 5 new vehicles purchased by U.S. motorists in 2024. And that doesn’t include so-called “mild” hybrids.
Paul A. Eisenstein