Genesis to expand into Western Europe to tap luxury EV demand
Hyundai Motor Company, Korea's largest automaker, announced plans to expand its luxury brand Genesis into France, Spain, Italy and the Netherlands with a lineup of electric models, accelerating its push into the European market, where traditional local luxury brands still dominate.
The announcement was made on Friday during the 24 Hours of Le Mans — one of the world's largest motorsports events — with Hyundai Motor Group Chief Design Officer Luc Donckerwolke and Xavier Martinet, head of Hyundai Motor and Genesis' European operations, in attendance.
Genesis is set to begin deliveries in the four new markets starting in early 2026. The initial lineup will include the electric sport utility vehicle GV60, the electrified version of the GV70 SUV and the upcoming GV80 electric coupe. Details regarding sales channels and strategies for each country have yet to be disclosed.
'Our entry into these important markets is a pivotal moment for Genesis. We are moving now to deepen our long-term presence and commitment across Europe,' said Martinet.
'This is the most significant market expansion since we launched in Europe in 2021 and is the start of our next phase of measured, strategic growth and sporting brand direction.'
After entering Germany, the United Kingdom and Switzerland in 2021, Genesis is now expanding into all major electric vehicle markets in Western Europe.
According to SNE Research, Europe accounted for 20.9 percent of global battery electric and plug-in hybrid vehicle sales between January and May, the largest share outside China, with 26.2 percent year-over-year growth during the period.
Hyundai Motor Group has rapidly increased its presence in the region's EV market with compact, affordable models such as Kia's EV3 and Hyundai's Kona Electric and Casper Electric, achieving 45 percent year-over-year growth between January and April.
However, the luxury EV segment continues to be led by established local brands like Mercedes-Benz, BMW and Audi, presenting recognition challenges for newer entrants like Genesis.
Hyundai's expansion seeks to tap into potential openings as local automakers adjust the pace of electrification amid concerns over demand and profitability. The company expects the luxury EV segment to grow further, potentially comprising half of Western Europe's luxury car market by 2027 as new internal combustion engine vehicle sales are phased out by 2035.
As part of efforts to showcase its technological capabilities, the brand plans to expand its presence in global motorsports through its Genesis Magma Racing team, established in late 2024. It aims to enter the Hypercar class of the International Automobile Federation's World Endurance Championship, one of the most prestigious endurance racing series in the world, next year.
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Korea Herald
15 hours ago
- Korea Herald
Genesis to expand into Western Europe to tap luxury EV demand
Hyundai Motor Company, Korea's largest automaker, announced plans to expand its luxury brand Genesis into France, Spain, Italy and the Netherlands with a lineup of electric models, accelerating its push into the European market, where traditional local luxury brands still dominate. The announcement was made on Friday during the 24 Hours of Le Mans — one of the world's largest motorsports events — with Hyundai Motor Group Chief Design Officer Luc Donckerwolke and Xavier Martinet, head of Hyundai Motor and Genesis' European operations, in attendance. Genesis is set to begin deliveries in the four new markets starting in early 2026. The initial lineup will include the electric sport utility vehicle GV60, the electrified version of the GV70 SUV and the upcoming GV80 electric coupe. Details regarding sales channels and strategies for each country have yet to be disclosed. 'Our entry into these important markets is a pivotal moment for Genesis. We are moving now to deepen our long-term presence and commitment across Europe,' said Martinet. 'This is the most significant market expansion since we launched in Europe in 2021 and is the start of our next phase of measured, strategic growth and sporting brand direction.' After entering Germany, the United Kingdom and Switzerland in 2021, Genesis is now expanding into all major electric vehicle markets in Western Europe. According to SNE Research, Europe accounted for 20.9 percent of global battery electric and plug-in hybrid vehicle sales between January and May, the largest share outside China, with 26.2 percent year-over-year growth during the period. Hyundai Motor Group has rapidly increased its presence in the region's EV market with compact, affordable models such as Kia's EV3 and Hyundai's Kona Electric and Casper Electric, achieving 45 percent year-over-year growth between January and April. However, the luxury EV segment continues to be led by established local brands like Mercedes-Benz, BMW and Audi, presenting recognition challenges for newer entrants like Genesis. Hyundai's expansion seeks to tap into potential openings as local automakers adjust the pace of electrification amid concerns over demand and profitability. The company expects the luxury EV segment to grow further, potentially comprising half of Western Europe's luxury car market by 2027 as new internal combustion engine vehicle sales are phased out by 2035. As part of efforts to showcase its technological capabilities, the brand plans to expand its presence in global motorsports through its Genesis Magma Racing team, established in late 2024. It aims to enter the Hypercar class of the International Automobile Federation's World Endurance Championship, one of the most prestigious endurance racing series in the world, next year.
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