Are Genesis’s New SUVs Hurting Gross sales of the GV80?

Genesis is without doubt one of the newer luxurious automakers, the corporate is the posh arm of Hyundai. Identical to with its father or mother firm, Genesis makes a variety of nice vehicles, and the GV80 is an instance of that because it’s basically a luxurious model of the Hyundai Palisade.

Nevertheless, Genesis has added extra vehicles to its lineup not too long ago, and since then, the GV80’s gross sales have declined. Right here’s a take a look at why which may be occurring.

These luxury SUVs on Kelley Blue Book's Best Buy Awards include the Genesis GV80
A 2023 Genesis GV80 | Genesis

That is what Genesis’ gross sales seemed like in 2022

Based on GoodCarBadCar, Genesis had three SUVs within the American market in 2022, and the best-selling one was the GV70. It bought simply over 19,000 items in 2022, and this represents constructive positive aspects throughout the board. Final yr, the South Korean luxurious automaker solely bought slightly below 11,000 items of the SUV, which implies that gross sales for the GV70 rose by over 78%. 

The GV80, in the meantime, was within the center. It bought a complete of round 17,500 items for the yr, however that’s in comparison with the over 20,000 items that the corporate bought final yr. Which means that the GV80 had a drop in gross sales of about 14%. The final SUV in Genesis’ lineup is the GV60, and it’s a brand-new electrical compact SUV that debuted within the 2023 mannequin yr.

Because the GV60 was such a brand new EV, it was initially solely accessible in a handful of EV-loving states, akin to California and New York. The South Korean luxurious automaker has expanded the rollout of the GV60, however it’s nonetheless early. As such, Genesis solely bought 1,590 items of the EV in 2022. 

Are these new Genesis SUVs hurting the GV80’s gross sales?

Identical to the GV60, the GV70 is a comparatively new automotive because it solely debuted within the American market within the 2022 mannequin yr. The GV80 continues to be contemporary too, because it debuted within the 2021 mannequin yr. That stated, automakers are typically good at differentiating their vehicles from each other, so it’s unlikely that the GV60 and GV70 have affected the GV80’s gross sales an excessive amount of.

The GV80 was Genesis’ first SUV in the marketplace, and it competes within the midsize luxurious SUV phase. It’s attainable that some eco-friendly automotive buyers selected the fully-electric GV60 over the bigger Genesis possibility.

The GV70 is a compact luxurious SUV, so it’s competing in a unique phase than the GV80. That stated, compact SUVs are fashionable, and it’s attainable that some buyers realized they didn’t want a midsize SUV and as such, selected the smaller GV70. Whereas these are attainable explanations, there are different ones that additionally make a variety of sense.

There are extra possible causes for why the GV80’s gross sales have declined

The provision chain disaster has affected each automaker, together with Genesis, and this has led to an inflation in costs. Luxurious SUVs usually value some huge cash, however these points imply that their costs have elevated. The 2023 GV80 begins at about $56,000, and that’s a steep enhance from prior mannequin years. The 2022 model began at $51,000, whereas the 2021 model debuted at below $50,000.

Many luxurious automotive buyers don’t care as a lot in regards to the value, however some do. These value will increase possible turned some buyers away from the automotive. On high of that, it’s regular for brand spanking new vehicles just like the GV80 to see a drop in gross sales in its first few mannequin years. This will occur resulting from advertising causes, because it takes time for buyers to even concentrate on a brand new automotive.

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