New models - Genesis - GV70
Genesis launches crucial GV70 medium SUV contender
New GV70 SUV instantly becomes best-selling Genesis, expedites brand’s growth in Aus
10 Aug 2021
GENESIS Motors Australia (GMA) is confident its new medium SUV – the GV70 – will be the brand’s breakthrough model in this country, having already accounted for 57 per cent of total Genesis volume in its first month on sale.
Speaking to Australian motoring media via web link, GMA country manager Connal Yan said he “cannot overstate” the new SUV’s importance to the emerging luxury car brand.
“GV70 will be our volume driver … it is expected to account for over 40 per cent of Genesis sales locally, and we appear to be off to a great start,” he said.
Mr Yan said Genesis was set to deliver more than 100 units to customers in July before the impact of lockdowns (it achieved 84 units), and that the brand will comfortably triple its 2020 sales by the end of this year, shifting around 700 units.
But Genesis admits it has long-term volume targets for Australia and is gunning for more than that. Much more.
“Although we can’t share (volume goals) I have to say that we are on track or exceeding what we were anticipating, so we’re happy with what we’re doing,” said Mr Yan.
“Of course, we would like to expand that, so we do have internal plans.”
Could Genesis approach Lexus sales volumes within five years, meaning around 10,000 units annually?
“I wouldn’t put a time on that because nowadays the market, the industry, is so unpredictable – things can change so fast,” said Mr Yan.
“But ultimately, why not? I mean, we’ve got a product that is definitely not inferior, if not better. We’re still a very young brand where they have spent 30 years or longer to build a brand, but I would not be surprised in this way that we can be as successful, if not more successful.”
The missing link, however, is a premium small car – something that the South Korean brand’s German rivals almost have a monopoly on.
Although Mr Yan said Genesis was in no hurry to introduce such a model, he “would like to see in the future if that will become a reality because that is still a very much sought-after machine here in this market”.
“But unfortunately, there’s no plans at the moment and for us that’s not a top priority. There’s still a lot for us to learn, and to grow, so the focus is definitely on what we have produced in our plan and to make sure we do well in these products before we look further.”
While 2022 will be all about electrification for Genesis – including an expected EV version of the GV70 – the brand’s current focus is to establish itself in one of the most hotly contested categories in Australia, medium SUVs.
Benchmarked against its premium German rivals during development (Audi Q5, BMW X3, Mercedes-Benz GLC), the GV70 will initially be offered in four drivetrain configurations – a 224kW/422Nm 2.5-litre turbo-petrol four-cylinder with rear- or all-wheel drive, a 154kW/440Nm 2.2-litre turbo-diesel four-cylinder with AWD, and a 279kW/530Nm 3.5-litre twin-turbo petrol V6 with AWD. All feature an eight-speed automatic transmission.
Starting at $66,400 (before on-road costs) for the rear-drive 2.5T, the range appears relatively simple at first glance, with the 2.5T AWD version commanding a $2386 premium at $68,786 (before on-road costs), followed by the 2.2D AWD at $71,676 (before on-road costs) and the 3.5T AWD Sport at $83,276 (before on-road costs).
Genesis expects the sales split to favour the 2.5T AWD (45 per cent), then the 3.5T AWD Sport (25 per cent), 2.2D AWD (20 per cent) and the entry-level rear-wheel drive 2.5T (10 per cent).
Two equipment packages are available across the GV70 line-up – a Sport Line package (standard on 3.5T Sport) for $4500, a Luxury package for $11,000 (or $6600 on 3.5T Sport), and a combination of both packages for $13,000 on 2.5T and 2.2D variants.
The expected sales mix is 10 per cent for the standard model, 10 per cent for the Luxury package, 40 per cent for the Sport Line package (including 3.5T Sport) and 40 per cent for a combination of both packages (including 3.5T Sport).
Genesis describes the GV70 as a “segment disruptor” among premium medium SUVs, emphasising that the entry-level 2.5T produces around 40 per cent more power and 30 per cent more torque than its least powerful German competitors, while offering higher levels of standard equipment.
All Australian GV70 models will include keyless entry and start, a leather interior, 14.5-inch touchscreen infotainment system with Apple CarPlay/Android Auto and nine speakers, satellite navigation with live traffic updates and DAB+ digital radio, wireless phone charging, dual-zone climate control, ambient lighting, 12-way heated/cooled electric front seats with two-position memory for the driver, a power-adjustable steering column, a fingerprint authentication system, exterior puddle lamps with the Genesis logo, an electric tailgate and a panoramic sunroof.
2021 Genesis GV70 pricing*
*Excludes on-road costs
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