Genesis, Hyundai Motor's luxury brand, is moving to expand its share in Europe by putting forward premium, high-performance electric vehicles. It plans to extend its territory not only in Western Europe, the largest market, but also across Eastern, Southern and Northern Europe, where EV sales have recently been growing rapidly.
Genesis said at a press briefing in Le Mans, France, on the 12th, where the 24 Hours of Le Mans motorsport race is held, that it will additionally enter four countries—Poland, Portugal, Denmark and Austria—by 2027.
Genesis entered Europe starting with Germany, Switzerland and the United Kingdom in 2021 and has since expanded to other Western European countries, including France, Spain, Italy and the Netherlands. As released, with the addition of the four countries including Poland, the number of European countries where Genesis has established a sales network will total 11.
Genesis chose the four countries—Poland, Portugal, Denmark and Austria—because it noted growth in their EV markets. Their EV growth rate this year reaches 47.4%. That is about 20 percentage points higher than the European EV market growth rate of 29.7%.
The combined annual sales of the four countries are 1.34 million units, of which 280,000 are EVs and 300,000 are premium cars. This means EVs and premium cars—Genesis' target markets—account for a large share.
Genesis plans to use Poland, the No. 6 market in Europe, as its Eastern European base. Poland, where 600,000 new cars are sold annually, has the largest auto market in Eastern Europe. Last year's EV sales jumped 161.5% from the previous year, the highest rate in Europe.
Genesis will enter Denmark, the No. 7 EV market in Europe (101,627 units), creating a bridgehead for a push into Scandinavia. It will also enter Austria, which recorded annual EV sales of 60,000 units, completing a sales network across the three German-speaking countries—Germany, Switzerland and Austria. Portugal falls under the Iberian Peninsula sales territory together with Spain.
Vehicles to be deployed in these markets include the GV60, a compact electric sport-utility vehicle (SUV), and the electrified GV70 and GV80 models. In Europe, demand for EVs continues to grow due to tighter eco-friendly regulations. Many analysts say Genesis is well positioned to efficiently target the premium EV market, as traditional German luxury brands such as Mercedes-Benz, BMW and Audi are facing challenges in switching to electrification.
Along with expanding in Europe, Genesis plans to change its sales method. It will shift from a model in which the manufacturer holds pricing authority and vehicle ownership and sells directly, to a structure centered on dealers with local networks.
A Genesis official said, "The existing method was advantageous in building a premium image as a new brand, but we determined that the role of local dealers is important to accelerate brand expansion." Since April, Genesis has been operating dealerships in Amsterdam, the Netherlands, and Padua, Italy. In the second half, it will add dealerships in Lille, France, and Rome, Italy.
Meanwhile, to establish itself as a premium, high-performance automotive brand, Genesis will compete in the 24 Hours of Le Mans Hypercar class for two days starting on the 13th (local time) in Le Mans, France. The strategy is to prove driving performance and durability and make a strong impression on European consumers through direct engagement on site.
Lee Si-hyeok, head of the Genesis Business Division (executive vice president), said, "Genesis' expansion in Europe is not merely about outward growth but a process of redefining its value as a global luxury car brand," adding, "We will continue to broaden our touchpoints with European consumers."