Genesis to Completely Switch to Hydrogen Fuel, Electric Vehicles by 2025 Globally
Hyundai Motor Group’s independent Genesis brand said on Thursday that it will launch only hydrogen fuel cell or battery-powered vehicles from 2025 in line with its rival carmakers’ electrification push. The Genesis brand will complete its lineup with eight hydrogen and battery models by 2030 and aims to sell 400,000 units a year in global markets, the group said in a statement.
The lineup is currently composed of the GV80 and GV70 SUVS, as well as the G90, G80, electrified G80 and G70 sedans, reports Yonhap news agency.
The brand has recently unveiled the GV60 EV, which is based on the group’s own Electric Global Modular Platform (E-GMP), which is also adopted for the Hyundai IONIQ 5 and Kia EV6.
The GV60 is the second Genesis EV model, following the introduction of the electrified G80. But unlike the G80, the GV60 is only available with the E-GMP powertrain.
Hyundai Motors electric vehicle (EV) sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed on Monday. Hyundai Motor was in sixth place in terms of global EVs sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research.
Hyundai’s global EV sales jumped 75.6 percent on-year to 51,300 units in the first six months of the year, but its market share fell to 2.9 percent from 4.5 percent over the period, data showed.
American EV maker Tesla topped the global EV market with a 22.2 percent share in the first half, followed by SAIC-GM-Wuling Automobile, a joint venture among SAIC Motor, General Motors and Liuzhou Wuling Motor, as well as BYD and Volkswagen and Great Wall Motors Company.
Among the top five, two were Chinese automakers and a joint venture involving Chinese companies, reports Yonhap news agency. Hyundai Motor boosted EV sales with its Kona EV, all-electric Ioniq 5 and Porter electric trucks earlier this year, but its growth was slower than Chinese automakers which rapidly expanded the market on the back of strong demand on home turf.
SNE Research said the Korean automaker faces an uphill battle to expand its presence in the growing EV market as it faces toughening competition between established automakers and emerging Chinese rivals.