Genesis tops 10,000 monthly exports for the first time, with the GV70 driving nearly half

[Financial News] Genesis has surpassed 10,000 monthly exports for the first time since its launch. The GV70, a sport utility vehicle (SUV) in high demand in North America, accounted for nearly half of total exports and drove the strong performance. With the benefits of consolidating production of vehicles made in the U.S. at its domestic facilities now reflected in the figures, Genesis is seeking to expand overseas sales by leading with hybrids and extended-range electric vehicles (EREVs).
According to industry sources on the 29th, Genesis exported 11,032 vehicles produced in Korea last month, up 53.9% from the same period a year earlier. The figure surpassed the previous record of 9,770 units set in November last year. It was the first time monthly exports had topped 10,000 since the brand launched in November 2015.
The model leading export growth was the Genesis GV70. Exports of the model totaled 4,946 units last month, while the electric GV70 accounted for 98 units, bringing the combined total to 5,044. Together, they made up 45.7% of all Genesis exports.
Exports are believed to have risen after production volumes of the GV70, previously made at a plant in Alabama, were consolidated at facilities in Korea. The effect of reorganizing production sites came on top of North American demand for premium SUVs. The Genesis GV80 and Genesis GV80 Coupe also supported the results, with 2,551 and 372 units exported, respectively.
Genesis is a luxury car brand whose early planning was led by Hyundai Motor Group Chairman Chung Eui-sun, starting when he was a vice chairman. After entering overseas markets in 2016 with the large sedan Genesis EQ900 (G90), the brand expanded its lineup to include SUVs and has built up its sales base, primarily in North America.
Hyundai Motor Company is diversifying Genesis’s powertrains to address the temporary lull in electric vehicle demand, or EV chasm, in North America, its largest export market. The Genesis GV80 Hybrid, launched in Korea this month, is also planned for introduction in the U.S. market, where demand for hybrids has grown. The upcoming Genesis GV70 EREV is also expected to be produced in Korea, according to reports.
New large sedans and SUVs are also set to join the push into overseas markets. The Genesis G90, scheduled for a facelift this year, will go on sale in key overseas markets starting next year. The Genesis GV90, a large SUV unveiled for the first time recently in San Francisco, U.S., is also slated to launch in the U.S. and Europe next year. It will be produced at the Ulsan plant for export.
U.S. tariffs are a factor in securing profitability. Since vehicles produced in Korea are exported to the U.S., the cost burden from tariffs is unavoidable. Hyundai Motor Company plans to continue its push into the premium market by setting prices around high-margin, high-value-added models.
An industry source said, “Genesis is in the process of establishing itself as a premium brand on the global stage, beyond Korea,” adding, “Hyundai Motor Company is expected to focus on expanding Genesis sales next year as well.”

[email protected] Kim Dong-ho Reporter