Genesis, the luxury vehicle division of Hyundai Motor Group, revealed Black Editions of its premium large SUVs, the Genesis GV80 and GV80 Coupe, on October 2. (Image courtesy of Hyundai Motor Co.)
SEOUL, Oct. 4 (Korea Bizwire) – Sales of the Genesis GV80, a luxury SUV from Hyundai Motor’s premium brand, are surging despite its hefty price tag.
The vehicle’s sales figures are outpacing those of its more affordable counterpart, the Hyundai Palisade, showcasing the growing appetite for luxury vehicles in the South Korean market.
According to Hyundai Motor, from January to September 2024, Genesis sold 31,420 units of the GV80 in South Korea, marking a significant 59.8% increase compared to the same period last year.
This impressive figure accounts for approximately 32% of all Genesis models sold during this time, making the GV80 the second best-selling Genesis vehicle after the G80 sedan.
The GV80′s success is particularly noteworthy given its price point. With a starting price of 69.3 million won and fully-loaded models easily exceeding 100 million won, the GV80 is more than twice the price of the Hyundai Palisade, which starts at 38.96 million won.
Despite this substantial price difference, sales of the GV80 have surpassed those of the Palisade, which totaled 15,026 units in the same period.
The GV80′s appeal extends beyond South Korea’s borders. In the United States, Genesis reported sales of 14,416 GV80 units from January to August, representing about 26% of total Genesis sales in the country.
Genesis, the luxury vehicle division of Hyundai Motor Group, revealed Black Editions of its premium large SUVs, the Genesis GV80 and GV80 Coupe, on October 2. (Image courtesy of Hyundai Motor Co.)
In September alone, Genesis set a new monthly sales record for the GV80 in North America with 2,344 units.
The vehicle gained additional fame in 2021 when professional golfer Tiger Woods survived a severe accident while driving a GV80, earning it the moniker “the car that saved Tiger Woods.”
This incident, along with another high-profile accident involving actor Jung Tae-woo, has inadvertently highlighted the vehicle’s safety features.
Genesis is capitalizing on the GV80′s success by further strengthening its luxury brand identity. The company has introduced new variants, including the GV80 Black and GV80 Coupe Black, responding to high demand for exclusive models.
Additionally, Genesis is expanding its lineup with the upcoming GV90, its first large electric SUV, and has unveiled concept cars like the X Convertible and the high-performance Magma brand.
An industry insider commented, “Since its launch in 2015, Genesis has undoubtedly established itself as a luxury brand. Moving forward, we expect the focus to shift towards showcasing the technological prowess befitting a luxury marque, potentially including offerings like convertibles.”
Kevin Lee (kevinlee@koreabizwire.com)
