We have talked a lot about Genesis strategic shift to hybrid model and on behalf of Goodwood Festival of Speed, Hyundai Motor Group’s luxury brand executives shared more details while confirming this change in order to adapt to an evolving market demand and consumer preferences.
A Vision for Electrification
“Five years back we anticipated that the EV era would arrive very quickly, and we really wanted to be a leader and a disruptor in the EV space,” stated Genesis boss Mike Song at the Goodwood Festival of Speed. “Electrification is still our vision. We will have 100 percent electrified vehicles, but the market and the customers now want hybrid more than EV, so we really want to bring Genesis hybrid into the market as soon as possible. We will apply it to as many models as possible.”
Shifting Strategies for a Changing Market
Genesis’ initial commitment was to exclusively launch all-electric cars from 2025. However, the market’s tepid reception towards full EVs has prompted a reconsideration of this strategy. “Here in Europe five or six years ago, everybody was super nervous about things like CO2 penalties, and so a lot of decisions were made on that basis. Strategic decisions were made on that basis,” explained vehicle development boss Tyrone Johnson.
Learning from Experience
The industry has evolved significantly over the past few years. “I think what we can say today, five years later, is that in large parts of the industry, we’ve actually overachieved. That gives us the opportunity to do things that perhaps five years ago may not have been possible. We’ve also learned a lot from a technical point of view in the last five years, and that opens up new possibilities,” added Johnson.
Expanding the Powertrain Portfolio
The current Genesis lineup features either traditional internal combustion engines or fully electric powertrains. The new hybrid models will likely feature powertrains borrowed from Hyundai, optimized for Genesis vehicles. The exact nature of these hybrids, whether full hybrids or plug-in hybrids, remains to be confirmed. However, the swift adaptation indicates a significant integration of hybrid technology across the model range.
Flexibility in Strategy
“We’re constantly reassessing what it is that we’re doing and sometimes you need to make slight adjustments,” said Johnson. “As Mike has said, the EV strategy holds strong, but you shouldn’t be so dogmatic with certain things when boundary conditions change, you have to react and that’s what’s happening.”
Conclusion
The announcement from Genesis at the Goodwood Festival of Speed highlights the brand’s responsive approach to market demands and its commitment to innovation. By introducing a fleet of hybrid vehicles, Genesis aims to cater to current consumer preferences while maintaining its long-term vision of complete electrification. This strategic pivot ensures that Genesis remains competitive and relevant in the rapidly changing automotive landscape.
For more updates on Genesis and their upcoming hybrid models, stay tuned.
