Genesis Sets New Benchmark for U.S. EV Sales in Q2 2024

Genesis EV Sales See a Jump Amid Overall Q2 Decline

The U.S. market saw a slight dip in Genesis car sales during the second quarter of 2024, with the brand reporting 17,044 units sold, marking a 2.4% year-over-year decrease. Despite this overall decline, Hyundai’s luxury division, Genesis, achieved a significant milestone in increasing its all-electric vehicle (EV) sales.

Record-Breaking Quarter for Genesis EVs

Genesis sold a record-breaking 2,249 electric vehicles in Q2 2024, a 39% increase compared to the same period last year. This surge in EV sales pushed the electric vehicle share of the brand’s total U.S. sales to 13.2%, a new high for Genesis.

Genesis Electric Lineup

Genesis currently boasts three all-electric models:

• GV60: Built on the standalone E-GMP platform.
• Electrified G80: An all-electric variant of the G80.
• Electrified GV70: An all-electric variant of the GV70.

Electrified GV70 Takes the Lead

The standout performer in the lineup was the locally produced Genesis Electrified GV70, which saw an incredible 204% increase in sales, reaching a record 1,460 units in the second quarter. This model has quickly risen to become the flagship EV for Genesis.

Mixed Fortunes for Other Models

While the GV70 thrived, the E-GMP-based Genesis GV60, a cousin to the Hyundai Ioniq 5, experienced a 7% decline in sales, with 753 units sold. The Genesis Electrified G80 had a dramatic year-over-year drop of 89%, selling only 36 units. It’s worth noting that an upgraded version of the electric G80 is slated for release soon, possibly impacting current sales figures.

Genesis Q2 2024 BEV Sales Snapshot:

• Electrified G80: 36 units (down 89%)
• Electrified GV70: 1,460 units (up 204%)
• GV60: 753 units (down 7%)

Total Sales: 2,249 units (up 39%), accounting for 13.2% of total Genesis sales in this quarter.

H1 2024: A Promising Start

For the first half of 2024, Genesis sold a total of 3,241 electric vehicles in the U.S., which represents a 27% increase from the previous year. Altogether, EVs comprised 10.2% of the brand’s total sales volume during this period.

Genesis H1 2024 BEV Sales Breakdown:

• Electrified G80: 140 units (down 80%)
• Electrified GV70: 1,875 units (up 256%)
• GV60: 1,226 units (down 7%)

Total Sales: 3,241 units (up 27%), making up 10.2% of total Genesis sales in the first half.

Looking at the Bigger Picture

In 2023, Genesis sold 6,403 electric vehicles, achieving an impressive 303% year-over-year growth. EVs accounted for 9.3% of the brand’s overall sales that year. Given the strong performance in the first half of 2024, there’s optimism that this positive trend will continue for the remainder of the year.

Stay Updated with Genesis

As Genesis continues to innovate and expand its electric vehicle lineup, stay tuned for more updates and insights.

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William Kouch, Editor of Automotive.fyi