The combustion-powered GV70 SUV has been a huge hit for the Genesis brand. Of course, it remains to be seen whether the soon-to-arrive all-electric model will be a similar showroom success, but executives at the South Korean luxury brand don’t seem worried.
Speaking at a media presentation in Alabama earlier this week, Tedros Mengiste, vice president of sales operations at Genesis Motor America said there’s been “insatiable appetite in the United States” for the conventional GV70, with dealers selling around 1,400 examples every month. “I think we can translate that into the EV model. I think it’s going to do exactly the same thing,” he added.
After just five minutes behind the wheel, it’s easy to understand why the conventional GV70 has proven to be so popular. This SUV looks great, has a beautiful interior, is pleasant to dive and offers loads of advanced features. With that as a starting point, the 2023 Electrified GV70 should take things to the next level.
Another reason this all-electric SUV should be a hit is that Genesis customers are already interested in buying one. “For the EV model,” explained Mengiste, “What we’ve found is customers are waiting for them … Electrified GV70 customers [are] just waiting for the vehicle, anticipating its arrival.” Pent-up demand is a great way to sell cars, both ahead of their launch and when they begin arriving at dealerships.
Aside from starting with an excellent platform and having customers champing at the bit, the Electrified GV70 is also being built in the US, screwed together at Hyundai’s factory in Montgomery, Alabama, the first Genesis model to be assembled outside of Korea. This seemingly random detail is important for one critical reason. “At this time, it qualifies for the IRA (Inflation Reduction Act),” said Mengiste. “We’re still waiting on further interpretation from the Treasury Department, but right now the vehicle qualifies for all the incentives,” meaning customers will be able to save up $7,500 courtesy of a clean vehicle tax credit from the government.
Unfortunately for well-heeled drivers that want an Electrified GV70, it may be hard to get your hands on one of these SUVs. At least initially, it’s estimated only 15 to 30 vehicles will be produced each day. Of course, that will ramp up as workers learn how to assemble this new model and supply chains get sorted out, but this situation could still seriously hamper deliveries in the near term.
Genesis executives declined to comment on how many Electrified GV70s they expect to sell each year and when asked if there’s an anticipated take rate compared to the combustion-powered model Mengiste said it would be hard to estimate, though he noted “the volume will be much lower than ICE, but we’ll sell every one we can build.”
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Production of the 2023 Electrified GV70 is currently underway, and salable examples are expected to begin arriving at select Genesis dealerships in Arizona, California, Connecticut, New Jersey, Nevada, New York, Utah and Washington starting next month. This SUV will be available in two trim levels, Advanced and Prestige, and will have a base price of around $66,425.