SerpApi.Org
- Genesis is studying a small EV to sit below the compact GV60.
- Europe’s boss says the idea is real but nothing is confirmed yet.
- All this sits alongside a V8 mid-engined Magma halo in the works.
Cracking into the premium car market is no easy feat, in part because of the fierce loyalty many buyers in this segment have to iconic brands like Mercedes-Benz, Audi, and BMW. Despite the challenges, Genesis remains committed and is eyeing new segments of the market to expand into.
In just a matter of weeks, the Hyundai-owned premium brand is expected to unveil its new flagship luxury model, taking the form of the three-row, all-electric GV90. Positioned as a higher-end alternative to the Hyundai Ioniq 9 and Kia EV9, it signals the company’s intention to grow and challenge legacy brands.
Read: Genesis’ Magma GT Supercar Concept Edges Closer To Production
It’s not just the upper echelons of the market that Genesis is looking to expand into. According to Genesis Europe Managing Director Peter Kronschnabl, this could include smaller models to slot below the GV60, which is currently the company’s most compact model.
Quizzed by Autocar about whether Genesis could launch its own version of the Ioniq 3, Kronschnabl said “We’re evaluating this still but [have] nothing to confirm.” He added that, “for a brand that is evolving, we need to look at fast-growing segments where we might need to be present in order to nurture customers.”
Treading Carefully
Crucially, Kronschnabl said the company needs to ensure it only expands into new segments with solid long-term prospects, rather than chasing short-term success.
“There are some niches,” he noted. “For instance, there’s not a real premium pick-up truck. But is that a segment you should enter? So there are segments where maybe there is white space, but they don’t make sense [for us]. You need to be very careful when you look into this white space and not just go there because you believe there is a short-term opportunity.”
Genesis isn’t only thinking about moving into smaller, slightly more affordable models. Late last year it unveiled its wild Magma GT Concept, previewing a V8-powered mid-engined sports car that’s expected to hit the market in the coming few years.
