is one of the newest luxury automakers, the company is the . Just as with its parent company, Genesis makes many great cars, and the GV80 is an example of this as it is essentially a luxury version of the Hyundai Palisade.
However, Genesis has recently added more cars to its lineup and sales of the GV80 have declined since then. Here’s a look at why this might be happening.
, Genesis had three SUVs in the US market in 2022, and the best-selling one was the GV70. It sold just over 19,000 units in 2022 and that represents positive earnings across the board. Last year, the South Korean luxury automaker sold just under 11,000 units of the SUV, meaning sales of the GV70 are up more than 78%.
The GV80, meanwhile, was in the middle. It sold a total of about 17,500 units for the year, but that’s compared to the more than 20,000 units the company sold last year. This means that the GV80 saw a drop in sales of approximately 14%. The latest SUV in the Genesis lineup is the GV60, and it’s an all-new electric compact SUV that debuted in the 2023 model year.
Because the GV60 was such a new EV, it was initially found in a handful of EV-loving states, such as California and New York. The South Korean luxury automaker has expanded its GV60 rollout, but it’s still early days. Thus, Genesis only sold 1,590 units of the EV in 2022.
Are these new Genesis SUVs hurting GV80 sales?
Just like the GV60, the GV70 is a relatively new car as it only debuted in the American market in the 2022 model year. The GV80 is also still fresh, as it debuted in . That said, automakers tend to be good at differentiating their cars from one another, so it’s unlikely that the GV60 and GV70 affected sales of the GV80 too much.
The GV80 was Genesis’ first SUV on the market and competes in the mid-size luxury SUV segment. It’s possible that some eco-car buyers have chosen the all-electric GV60 over the larger Genesis option.
The GV70 is a compact luxury SUV, so it competes in a different segment than the GV80. That said, and it’s possible that some buyers realized they didn’t need a midsize SUV and as such chose the smaller GV70. While these are possible explanations, there are others that also make a lot of sense.
There are more likely reasons why sales of the GV80 have declined
The supply chain crisis has affected all automakers, including Genesis, and this has led to price inflation. Luxury SUVs normally cost a lot of money, but these problems mean their prices have gone up. The 2023 GV80, and that’s a steep increase over previous model years. The 2022 version started at $51,000, while the 2021 version debuted for less than $50,000.
Many luxury car buyers don’t care so much about price, but some do. These price hikes likely turned some buyers away from the car. Also, it is common for new cars like the GV80 to experience declining sales in the early model years. This can happen for marketing reasons, as it takes buyers time to even learn about a new car.
