Report: Hyundai’s Genesis is backpedaling on all-EV plan, to hybrids

Hyundai’s Genesis luxury brand is diluting a plan to go all-electric, according to a recent report from the Korean Economic Daily.

In its 2021 “blueprints for electrification,” Genesis laid out that all new vehicles for the brand from 2025 on would be either battery electric or hydrogen fuel cell—on the way to all-EV by 2030. But the brand is now expected to launch some hybrids next year, according to the report, which cites anonymous sources familiar with the matter.

A hybrid powertrain based around a 2.5-liter engine will be offered in at least some markets, likely in the Genesis G80 sedan and GV70 SUV, according to the report. U.S. dealers have also been asking for a Genesis plug-in hybrid, but Hyundai has not made a final decision on that, the report said.

The report claims this is a response to slowing EV sales. In the fourth quarter of 2023, Hyundai’s global EV sales dropped slightly to 5.3% of its total sales, versus 5.7% in the same period the previous year, the report noted. In comparison, hybrids accounted for 10.6% of Hyundai’s overall sales, up from 7.1% a year earlier.

Genesis currently offers electric versions of the G80 and GV70, but they cost considerably more than the gasoline versions in the U.S. The Genesis Electrified GV70—the first EV built in North America from the entire Hyundai-Kia-Genesis group—currently starts at $67,800 with destination, compared to $52,500 for a comparable gasoline model. However, the brand has countered that impression a bit with the 2024 GV60 SUV, a dedicated EV that gets a lower-priced version for its sophomore model year.

While it may augment its lineup with hybrids, Genesis still plans more EVs produced in larger volumes. Genesis EVs have been confirmed for Hyundai’s Georgia EV assembly plant, due to start production this fall. A big Genesis GV90 electric SUV is reportedly on the way, as an import.