Genesis Posts Record Overseas Sales; U.S. Overtakes Home Market in July

[Financial News] Genesis sold more vehicles overseas in the first seven months of this year than in any other January-to-July period since the brand launched. The increase reflects steady growth in U.S. sales since 2021, pushing the overseas share above half for the first time. In particular, U.S. sales surpassed domestic sales on a monthly basis last month, suggesting a shift in the brand's center of gravity.




According to Hyundai Motor Company on the 30th, Genesis sold 65,265 vehicles overseas on a shipment basis from January to July this year. That was up 13.4% from 57,544 units in the same period last year and marked the highest January-to-July performance since the brand's launch. Overseas sales accounted for 55.4% of total sales, surpassing half for the first time. The previous annual high was 46.4% last year.
Genesis' overseas share has steadily risen from 18.2% in 2020 to 31.1% in 2021, 43.8% in 2023 and 46.4% last year. Its success in the U.S. market, led by the GV80 and GV70, was decisive. U.S. sales jumped from 16,384 units in 2020 to 49,621 in 2021, more than tripling, and climbed further to 82,331 last year.
Over the same period, domestic sales fell 24.4% to 52,454 units from 69,341 a year earlier. The slowdown in the home market is especially visible in the flagship sedans. G80 sales dropped 51.7% from 4,001 units in March to 1,933 in July. The decline is believed to reflect the impact of a fire at Saenggong Industry in Daejeon in March, which disrupted supply of 2.5 turbo engines.
The reversal has already begun on a monthly basis. In May, U.S. sales reached 6,890 units, surpassing domestic sales of 6,161 for the first time. In July, the gap widened to 1,517 units, with 6,947 sold in the U.S. versus 5,430 at home. Domestic sales in July were the lowest of the year and about half of the 10,446 units sold in March. Over the past three months, the U.S. also led on average, with 7,121 units a month compared with 6,509 domestically.
If this trend continues, the U.S. is expected to surpass the domestic market on an annual basis for the first time since the brand's launch. U.S. sales totaled 46,035 units from January to July on a retail basis, bringing cumulative sales to 454,049. An industry source said, "Since 2021, Genesis sales in the U.S. have continued to rise, and the overseas share has increased sharply. If U.S. sales keep performing well, cumulative retail sales this year are likely to exceed 500,000 units."
Changes are also emerging in production, following sales. Last month, shipments of the Genesis GV70 from HMMA totaled just 399 units. That was down 86.6% from 2,978 in June, effectively falling to near-zero levels in just one month after holding at 2,400 to 3,300 units per month in the first half of the year. By contrast, 3,797 GV70s produced in Korea and shipped overseas in the same month marked the year's high. Of the 11,768 GV70s exported from Korea from January to July, 6,778 were shipped in June and July alone, accounting for more than half.
HMMA had originally been Genesis' only overseas production base, but Tedros Mengiste, chief operating officer of Genesis North America, recently said in a foreign media interview that the GV70 production line would be moved from Alabama to Ulsan Metropolitan City. He cited the rapid growth of Hyundai Motor Company as the reason HMMA's production capacity has reached saturation. José Muñoz, president of Hyundai Motor Company, also said at a recent media briefing, "We need to pursue localization by producing new products in the U.S. that are not already being made in other regions, especially Korea."
Genesis plans to accelerate its push into the U.S. market with the GV90, which is scheduled to launch there around the end of the year. The GV90 will also be produced in Korea. Lee Si-hyuk, head of Genesis Business Division, said, "With the GV90 launch, we are entering the flagship ultra-luxury electric vehicle market for the first time. We plan to continue expanding our SUV lineup and broaden our powertrain lineup in the U.S., including hybrids and BEVs."
[email protected] Kim Dong-chan Reporter