As the number of newly registered electric vehicles this year surpassed 200,000, hitting a record high, high-performance, high-end EVs are being rolled out in earnest. Luxury brands are introducing high-performance versions of existing EVs, while also releasing electrified versions of flagship internal combustion models. Rather than competing in the value-for-money segment dominated by Tesla and others, competition is heating up in the premium and high-performance space, where there is no absolute leader.
According to the auto industry on the 25th, Genesis, Hyundai Motor's luxury brand, held a "Magma World Premiere" at Circuit Paul Ricard in Le Castellet, France, on the 20th (local time) and unveiled the first mass-production model of the high-performance Magma, the GV60 Magma.
The GV60 Magma is a model that adds high performance and upscale features to the Genesis electrified platform. This is Genesis' first attempt in the high-performance EV segment. It is a move to cement the brand's foothold in Europe.
The GV60 Magma has the highest level of output among Genesis mass-produced electrified models. It delivers a combined maximum output of 448 kW (609 horsepower) and a peak torque of 740 Nm from the front and rear motors. In boost mode, output rises to 478 kW (650 horsepower) and 790 Nm, with a top speed of 264 kph. Zero to 100 kph takes 3.4 seconds, and it reaches 200 kph in 10.9 seconds.
The key to the GV60 Magma's success is sales volume. The GV60's cumulative domestic sales through Oct. this year were only 703 units. During the same period, exports totaled 1,675 units, the second lowest after the GV70 EV (739 units). With GV60's sales sluggish despite its premium EV positioning, the brand is adding high performance to find a breakthrough. Hyundai Motor President José Muñoz said on the 20th, "We are targeting global sales of 350,000 units for Genesis by 2030," adding, "Some of that will be the share of 'Magma.'"
Porsche on the 20th unveiled the electrified version of its signature sport utility vehicle (SUV), the Cayenne. First launched in Sept. 2002, the Cayenne pioneered the high-performance SUV segment. Having entered the EV market with the midsize electric sedan Taycan in 2019, Porsche has extended electrification to its representative model following the midsize SUV Macan. Porsche Chairman Oliver Blume said, "The Cayenne Electric will set a new benchmark for electric SUVs in driving and charging."
The electrified Cayenne, the Cayenne Electric, does zero to 100 kph in 2.5 seconds and reaches 200 kph in seven seconds. Its top speed is 260 kph. A newly developed 113 kWh high-voltage battery enables a maximum range of 642 km on a single charge. With fast charging, it takes about 16 minutes to go from a 10% state of charge to 80%, and Porsche said a 10-minute charge allows driving up to 325 km. It is slated for launch in Korea in the second half of next year.
Mercedes-Benz is also expanding its electrified lineup. It is launching an electrified version of the GLC, which has consistently been popular as a premium SUV in Korea's imported SUV market. According to the Korea Automobile Importers & Distributors Association (KAIDA), 6,702 GLCs were sold in Korea this year. The GLC sold 8,696 units last year and 8,057 units in 2023, making it a popular model. After introducing newly designed EVs such as the EQA and EQB, Mercedes-Benz is rolling out a new strategy.
In particular, the electrified GLC adopts Mercedes' traditional radiator grille design. It applies new technology to a design that consumers have favored. A Mercedes-Benz Korea official said, "It's a vehicle that combines elements customers liked with new technology," adding, "The electrified GLC is an important model for Mercedes to capture both luxury and mass appeal."
The industry expects more automakers to introduce premium or high-performance EVs. Since 2019, when EVs began rolling out in earnest, a flood of mass-market EVs over six years has saturated the market. The low-priced, value-for-money EV segment is effectively dominated by Tesla and the Chinese brand BYD.
An industry official said, "From the perspective of German automakers, the market they consider theirs is premium and high-performance," adding, "They will aggressively launch EVs even if they do not generate revenue immediately." The official added, "Next year, many brands will actively move from internal combustion to electrification."