The Hyundai Group premium brand Genesis, a rival to Cadillac, is pumping the brakes on its original plans to switch over to an all-EV lineup and will instead roll out an assortment of hybrid models in the near future, according to the latest industry information.
The Korean Economic Daily reported earlier this week that Genesis will launch the new hybrid models in 2025, following Hyundai’s pivot to developing hybrid engines for the luxury brand during the latter part of last year.
Back in 2021, Genesis announced a plan to fully electrify its lineup by 2030, apparently mimicking the portfolio electrification deadlines set by Cadillac as well as by Volvo. At the time, the Hyundai brand announced “Genesis will focus on a dual electrification strategy involving fuel cell and battery EVs,” with ICE and hybrid models completely off the table. Cadillac president Steve Carlisle gave a similar timeline in 2019, though he hedged his bets by adding, “none of us knows how quickly the transition will take place.”
Now it appears the transition is somewhat slower than anticipated. Weaker than expected EV demand has caused many large automakers to revise their schedules, and Genesis is no exception. Just 8 percent of Genesis sales in 2023 were EVs, meaning 92 percent of customers opted for ICE models. EV sales declined by about 100 units in absolute terms, too, even though overall vehicle sales rose by roughly 10,000 units.
Three of the vehicles currently produced by Genesis are all-electric, including the compact GV60 electric crossover, the compact Electrified GV70, and the midsize Electrified G80 luxury sedan. Cadillac’s electric portfolio currently consists of the Cadillac Lyriq EV and the Cadillac Celestiq flagship sedan, which started production last month.
GM’s luxury marque has three more EV models slated for near-future launch. These include the 2025 Cadillac Optiq, positioned below the Lyriq, the full-size 2025 Cadillac Escalade IQ SUV, and the three-row 2026 Cadillac Vistiq crossover.
While Caddy continues to rely on a changeover to an all-electric portfolio, Hyundai is now taking a more cautious approach with its Genesis brand. This follows a 41-percent increase in Hyundai hybrid sales in the U.S. and a 51-percent jump in Kia hybrid sales in the same market year-over-year in January 2024.
The first Genesis hybrid will debut in March 2024. Meanwhile, an unnamed “official” in the Korean automotive market is quoted as saying “as the transition to electric vehicles is unexpectedly delayed, hybrid cars have taken the lead in the global car market.”
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Comments
What they really need to launch is a separate dealer network apart from Hyundai if they want to sell upscale products. There’s nothing about the customer experience at Hyundai dealers that says upscale….or even pleasant.
It sure is not a BMW or Mercedes show room.
They have separate Genesis dealers. Five years ago the one that was across the street from me moved 30 minutes away. See, you don’t know it all.
Wonder what Lyriq owners think of their cars. I have seen some posts and heard some reviews saying they are really nice except for some smaller issues. It may be the only GM EV that isn’t a bust. The Blazer with crazy high prices and the Equinox that never seems to be made.
Genesis is smart…hybrid. Why not an option for Cadillac? I won’t purchase an all electric Cadillac but would buy a hybrid.
The Genesis GV70 is beautiful. Except possibly for that two spoke steering wheel. But now I think I’ll wait on the Hybrid version in 2025. Unless GM sees the light and realizes this “all in for electrification” is foolhardy. The necessary power grid is just not there as yet.
Smart, EVs are impractical for most people, especially in cold climates, it’s why they don’t sell
You mean they don’t sell in Canada or Sweden of Finland or Norway? Someone has been telling you lies.