Market Insight: Genesis sales electrify

ELECTRIC models in the Genesis range now make up 34 per cent of the brand’s Australian sales and the percentage is already showing signs of continuing to climb in 2023.

 

The proportion is in line with the February sales data just released by the Federal Chamber of Automotive Industries (FCAI) that shows battery electric vehicles (BEV) accounted for 6.8 per cent of all vehicle sales – with 5932 sold – in February.

 

In January, 4852 BEVs were sold, representing 5.7 per cent of the month’s total sales.

 

Looking at all the zero- and low-emission vehicles – including battery electric, hybrid and plug-in hybrid – there were 12,102 sales in February, or 13.9 per cent of the market.

 

Genesis has three electric models – the dedicated electric GV60 compact crossover plus BEV variants of the GV70 medium SUV and G80 executive sedan.

 

As sales figures show, the GV60 has been a runaway success for Genesis. The smallest model in the brand’s line-up has sold 41 units this year in January and February (11 sales in January, 30 in February).

 

In the full 2022 calendar year, Genesis sold 176 EVs from 1039 total sales of its four models. 

 

The GV60 was by far the most popular – and most affordable with a starting price of $103,700 plus on-road costs – electric Genesis in 2022 with 114 buyers that year.

 

Although capturing only 1.4 per cent of the $45,000-plus small SUV segment and despite a relatively recent introduction, it has almost doubled the sales of its closest rival, the Mercedes-Benz EQA, that notched up 22 sales so far this year.

 

Combined with electric versions of the GV70 (19 sales for 2023) and G80 (four sales), the GV60 has lifted the brand’s BEV sales for 2023 to 64 units.

 

Of the Genesis range, the GV70 model is most popular, making up 499 units of the brand’s total 2022 sales of 1039 cars.

 

In perspective, the next most-popular model for 2022 was the GV80 (internal combustion engine only), which found 251 new buyers last year.

 

A closer look shows that the electric GV70 variant is climbing in popularity. Its 19 sales in the first two months of 2023 compare with the 44 total sales of the whole of 2022.

 

The electric G80, the only BEV passenger car from Genesis, is less popular – despite having the same drivetrain as the brand’s electric GV70 – purely because it is a sedan.

 

Genesis has sold seven G80s this year to date, however, four of those were the electric version (all sold in February) as the Australian market expands its interest in BEV models. 

 

The four sales put it ahead of the Jaguar XF and line-ball with the Maserati Ghibli.

 

A Genesis spokesperson said orders continue to be strong for the brand’s BEV range, with no additions to the three-model line up planned for 2023.

 

In the February VFACTS report on new-vehicle sales, FCAI CEO Tony Weber said: “Growing sales of electric vehicles proves that where a battery-electric product exists which suits the driving habits, needs and finances of Australian motorists, they will purchase these vehicles.

 

“The number of low-emission vehicle sales demonstrates that there is an appetite among Australians for environmentally friendly vehicles. 

 

“However, if we wish to accelerate this transition to a broader range of consumers in all parts of the country, Australia needs to adopt a fuel efficiency standard.”