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Genesis U.S. EV Sales Increased Slightly In Q1 2024

Genesis car sales in the U.S. in the first quarter of 2024 amounted to 14,777 units (up 7.3% year-over-year). Hyundai's luxury arm also improved its all-electric car sales, but only slightly.

According to the data released by the broader Hyundai Motor Company, Genesis's EV sales amounted to 992 in Q1, 6% more than a year ago. It represents 6.7% of the Genesis' total volume, compared to 6.8% a year earlier.

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Genesis sells a few hundred EVs a month

In 2023, Genesis sold in the U.S. more than 6,400 all-electric cars. Increasing this number this year might be difficult.

Genesis offers three all-electric models. The Genesis Electrified G80, Genesis Electrified GV70, and the E-GMP-based Genesis GV60 (a cousin of the Hyundai Ioniq 5).

One thing in common of all three cars is that they sell only at a three-digit volume per quarter. In Q1 it was 104 G80 EVs, 415 GV70 EVs and 473 GV60s. Unfortunately for Genesis, only the Electrified GV70 noted a year-over-year growth (from a low base a year ago).

This is a bit worrying, especially when combined with the brand's global EV wholesale shipments decline in Q1 (by 53% year-over-year to 2,741).

Genesis BEV sales in Q1'2024 (YOY change):

  • Genesis Electrified G80: 104 (down 73%)
  • Genesis Electrified GV70: 415 (up 822% from 45)
  • Genesis GV60: 473 (down 8%)
  • Total: 992 (up 6%) and 6.7% share

Genesis BEV sales in the U.S. - March 2024

For reference, in 2023, Genesis sold 6,403 EVs (up 303% year-over-year), accounting for 9.3% of the brand's overall sales.

Genesis BEV sales in 2023 (YOY change):

  • Genesis Electrified G80: 1,329 (new)
  • Genesis Electrified GV70: 1,674 (new)
  • Genesis GV60: 3,400 (up 114%)
  • Total: 6,403 (up 303%)

It's hard to be optimistic for Genesis EV sales this year. There is a chance for growth, but it seems that it will not be easy in 2024.

Genesis' least expensive EV model is the GV60, which starts at an MSRP of $52,000. The Electrified GV70 starts at $66,450, but despite being locally produced, it currently does not qualify for the $7,500 federal tax credit. The incentive might be available through leasing. In the case of the Electrified G80, the base price is $74,375.

Model Base Price Dest. Charge Tax Credit Effective Price
2024 Genesis Electrified G80 AWD 19-in $74,375 +$1,250 N/A $75,625
2024 Genesis GV60 Standard RWD 19-in $52,000 +$1,350 N/A $53,350
2024 Genesis GV60 Advanced AWD 20-in $60,550 +$1,350 N/A $61,900
2024 Genesis GV60 Performance AWD 21-in $69,550 +$1,350 N/A $70,900
2024 Genesis Electrified GV70 Adv. AWD 20-in $66,450 +$1,350 N/A $67,800

The EPA driving range of Genesis EVs varies between 235 and 294 miles.

Model Drive Battery
2024 Genesis Electrified G80 AWD 19-in AWD 87.2 282 mi
2024 Genesis GV60 Standard RWD 19-in RWD 77.4 294 mi
2024 Genesis GV60 Advanced AWD 20-in AWD 77.4 248 mi
2024 Genesis GV60 Performance AWD 21-in AWD 77.4 235 mi
2024 Genesis Electrified GV70 Adv. AWD 20-in AWD 77.4 236 mi
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