The Genesis GV80 luxury SUVs The base price has increased by over $20,000 in Australia, but the Korean luxury brand says it doesn’t expect a drop in sales.
After dropping the entry-level turbocharged 2.5-liter four-cylinder gasoline engine for 2024, Genesis Australia has removed the 3.0-liter inline-six turbodiesel. In this case, his hand was forced as the engine was globally canceled.
Additionally, Genesis Australia has made the Luxury Package standard while introducing an even more expensive range-topping GV80 Coupe.
Still, it says sales of rivals BMW
“The coupe will account for around 30 percent of total sales, so we are confident it will increase sales and somewhat offset losses,” Genesis Australia CEO Justin Douglass said.
“Now that we have the coupe and SUV, we definitely see an increase in sales volume.”
The company notes that the coupe will attract new customers to the brand and said in a subsequent statement that it expects it to “more than offset any sales shortfall caused by the loss of the powertrains.”
Genesis sold 403 GV80s in Australia in 2023, about a third the volume of the Volvo XC90 and about a quarter of the Porsche Cayenne.
The range now starts at $130,000 before on-road costs, $24,300 more than the base price of the 2024 range and $9,300 more than the 2024 GV80 3.5T with the Luxury package added.
According to Genesis, 95 percent of GV80 buyers chose the Luxury package, making it logical to introduce this standard.
“When you look at a GV80, it comes standard with everything you would expect from a luxury vehicle,” said product planning assistant Michael Rowland when asked why the company discontinued its cheapest GV80 models.
“For us it’s not so much about waging a price war, but rather about making sure our product stands on its own two feet.”
By reducing the variety of variants, Genesis leaves the only decisions to be made to the paint and interior. The only option the GV80 offers besides the matte finish is a rear seat entertainment system.
“I think for us it’s about thinking about what the Genesis customer really wants,” Mr Rowland said.
“We feel that customers buy our brand not because of the price but because it is the car they really want and with that in mind we tried to get basically the best car we could offer, which for us meant standardizing the 3.5 Turbo.” .”
“In terms of refinement, particularly for a vehicle of this size, the 3.5-litre V6 was the best match for that effortless elegance in terms of driving dynamics… So the 2.5-litre may not have been as suitable in our opinion for the expectations of our market.”
The company says it has already received close to 100 deposits for the updated GV80, although pricing was only publicly announced today.
Genesis said that while the company has pared down its G70 and GV80 lines, it doesn’t necessarily plan to do the same for the entire model lineup.
“GV80 is certainly not a TV show for our future range…rather, when we analyzed our sales mix we saw that 95 per cent of them were buying a luxury package, so we refocused the range accordingly,” Mr Rowland said.
“We will undoubtedly analyze the entire range, all distribution channels and all equipment mixes. I can’t talk about where this takes us.”
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