Seems like the EV slowdown is happening elsewhere, too
By Gary S. Vasilash
The South Korean-based brands—Hyundai, Kia and Genesis—are producing some of the most-appealing electric vehicles available in the U.S. market.
Award-winning Kia EV9 (Image:Kia)
Consider, for example: for the 2024 North American Car, Truck and Utility Vehicle of the Year Awards, the Hyundai Ioniq 6 was one of the three finalists in the Car category. The Genesis Electrified GV70, Hyundai Kona/Kona EV, and Kia EV9 were the three finalists; the EV9 received the award.
And, of course, these products (and others, too) are available to Korean consumers.
GlobalData has run numbers for how well electric vehicles are doing in the home market of those companies, and finds that through April 2024, zero-emissions vehicle sales in Korea, 97% of which are EVs and the balance fuel-cell vehicles, are down 17% compared with April 2023.
Meanwhile, hybrids (including plug-ins) are up by some 45%.
Why are EVs not doing so well? GlobalData suggests:
Early adopters have gotten them. The majority isn’t buying yet.
And on the subject of buying, there is the comparative higher costs of EVs.
Charging is a concern.
Residual value decreases make an EV purchase less appealing.
GlobalData points out that while there had been dismissiveness expressed by some pundits regarding hybrids as being a bridging technology between internal combustion engine vehicles and EVs, the numbers are showing that that is indeed the case.
The good news for Hyundai, Kia and Genesis is that they offer compelling hybrid products as part of their global portfolios, too.
It has a 3.3-liter twin-turbo V6 that produces 365 hp and 376 ft-ft of torque. Which is to say that it is a robust engine that doesn’t need the Active Sound Design feature that allows you to hear a more full-throated engine note. But this is the sort of thing that Genesis provides in its vehicles, which is to say a lot of things even if some of them you never use, which is the opposite of what some OEMs do.
G70: Confident in appearance and you’ll feel confident driving it. (Image: Genesis)
Now it should be pointed out that the sport sedan of interest here is the top-of-the-line variant of the vehicle that is the entry way into the Genesis lineup. Including the $1,250 for “freight” (hey, it is a long way from Namyang, South Korea, so that’s a deal), the total price for the sport sedan is $57,750, and know that this is for an absolutely loaded vehicle.
Such as:
• 19-inch alloy wheels
• Power trunk (this one is sort of silly: I mean the trunk isn’t that high to simply reach up and close, but it is an indicator that this is an elevated vehicle brand-wise)
• Power-folding outside mirrors that project the Genesis logo on the ground at night when approaching the vehicle with your fob
• Nappa leather seats (the driver has a power bolster and cushion extension as well as four-way power lumbar, which the passenger gets, too). And they are both heated and ventilated.
• Microfiber suede headliner (interrupted by a large sunroof) and pillars (while you may not pay much attention to the fabric up top and on the sides because it generally doesn’t deserve attention, but when you have this material you do)
• Various types of “Assist” (e.g., Forward Collision-Avoidance, Lane Keeping, Lane Following, Rear Cross-Traffic Collision-Avoidance)
And this could go on. And on.
As it is a sport sedan there are MacPherson struts in the front and a multilink rear suspension in, well, the rear. As this is a premium sport sedan, the suspension is electronically controlled. And because when you go quickly you generally need to stop quickly, as well so there are Brembo brakes (and if nothing else, the calipers that can be seen through the wheels telegraphs that this is a bona-fide sport sedan).
As it is a Genesis, the exterior styling of the vehicle is superb. Genesis has gotten to the point in its short existence where it is confident in what it is putting out with its winged-badge affixed. It isn’t the case where it is trying to out-Europe the Europeans or trying to meld in with the other Asians (i.e., Lexus, Acura).
Although sport sedans are becoming a less-important part of the lineup for many OEMs, those that have continued to produce the models have, overall, realized that in order to attract the decreased number of buyers they have to elevate their offerings. Add to that the fact that Genesis is still something of a challenger brand, and it has to step up to the Euros and other Asians and then step a bit beyond.
What’s more, as mentioned, the G70 is the least-expensive model in the Genesis lineup (it starts at $41,500), the company wants to make sure that what may be a consumer’s first experience a good one, so it is making sure that the G70 is more than simply worthwhile.
Genesis, the luxury brand that is part of the Hyundai Group, wanted to make sure that its entry into the European market is well noted, so it went to a town in Switzerland, Lauterbrunnen, which is in the Swiss Alps, picked out a mountain, and created a lightshow that displayed the company’s logo.
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