SOUTH KOREA REPORT
Hyundai Motor Company is developing a hybrid vehicle for its Genesis luxury brand. The company had planned to focus on EVs and FCVs for the Genesis, which will be launched after 2025. The recent slowdown in the growth of the EV market has forced the company to change its strategy.
According to industry insiders, Hyundai Motor is developing a hybrid engine and related systems for the Genesis, which is expected to be launched in 2025. Hybrid models will be added to the mainstream GV80 and GV70 models. The company plans to expand its HV lineup under the Hyundai Motor and Kia brands as well, having decided to introduce HVs under its luxury car brands due to the risk of slumping sales if it continues to shift more toward EVs. Hyundai Motor’s HV sales in 2023 were up 53% from the previous year to approximately 380,000 units.
Source: The Nikkei
PSR Analysis: Genesis is Hyundai Motor’s flagship luxury brand, and the intention to introduce a hybrid here is likely a shift in strategy in response to the stalling of EV expansion, especially in the U.S. and European markets in the second half of 2023. As noted in last month’s issue of PowerTALK, Hyundai Motor is aggressively trying to adapt its strategy to the newest market by selling its plants in China. This is a move that other automakers of the same size cannot easily make, and it is one of Hyundai Motor’s strengths. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
