According to Genesis on the 9th of August, the cumulative number of contracts for the G80 electrified model released back in July exceeded 2,000 units in South Korea.
Currently Genesis delivered only 35 units to customers during July due to a shortage of semiconductors and stabilization of the initial production speed. However, as sales and shipments begin in earnest this month, the pace is expected to pick up.
Genesis is planning to take the lead in the luxury electric vehicle market with the G80 electrified model. Currently, Tesla, Mercedes-Benz, Audi, and Porsche are entering the luxury electric vehicle market. In the past, Tesla was the dominant market, but there is currently no ‘absolute powerhouse’ due to the entry of European brands.
The actual sales of Tesla Model S and Model X were 349 units and 474 units, respectively, which was less than 7% of Tesla’s total sales (11,826 units). Mercedes-Benz EQC 400 sold 337 units in the first half of this year, three times more than the same period last year (115 units).
The Porsche Taycan sold 912 units in the first half of this year alone. Audi e-tron sold 126 units in the first half of this year, and Jaguar i-Pace 22 units were sold during the same period. If you look at the sales of each, not a single model sold more than 1,000 units.
This is closely related to the domestic electric vehicle subsidy that has been reorganized from this year. Starting from this year, the government and local governments will provide subsidies of up to 100% only to electric vehicles under 60 million won ($52,336). Up to 50% subsidy for electric vehicles between 60 million won and 90 million won, and no subsidy for models exceeding 90 million won ($78,504). As a result, most high-end electric vehicles are not eligible for subsidies.
Under such circumstances, it is very encouraging that the number of contracts for the G80 electrified model exceeded 2,000 units after four weeks since released. The G80 electrified model is equipped with a high-voltage battery of 87.2 kWh and can travel up to 427 km (this is with Korean homologation standards) on a single charge. The maximum output is 272 kW (about 370 horsepower), and the combined maximum torque is 700 Nm (71.4 kgf m).
Genesis expects that sales of the G80 electrified model will increase in the future, such as vehicles for ceremonial use by government departments and corporate executives.