Genesis GV80 Hybrid, priced lower than expected… Approximately 10% lower than Lexus RX 350h

Price lower than expected... It is likely to be around 10% lower than the competing model Lexus RX 350h.

(Seoul = Yonhap News) Reporter Jang Ha-na = It has been reported that the minimum selling price (entry price) of Genesis' first hybrid model, the GV80 Hybrid, has been set at the mid to late 70 million won range.

This is lower than what some in the industry initially expected, and it can be interpreted that Genesis has chosen a somewhat aggressive pricing policy in consideration of market expansion.

According to the automobile industry on the 4th, the starting price of the GV80 Hybrid was reportedly finalized in the mid to high 70 million won range.

Initially, the market focused on the possibility that the price of the GV80 Hybrid would be around 80 million won. This is because the rear-wheel drive-based hybrid system developed separately by Hyundai Motor Group for Genesis is applied and the luxury brand premium must be reflected.

An industry insider said, "Considering the cost of developing a new hybrid system and the brand premium, there were many predictions that the price would exceed 80 million won, but it appears that Genesis has set the price more aggressively than expected."

The GV80 Hybrid, which will begin sales soon, features a rear-wheel drive hybrid system based on a 2.5 turbo engine. Improved power performance and quietness were achieved through an electrified powertrain developed exclusively for Genesis.

The industry interprets Genesis as focusing on expanding its hybrid customer base and establishing itself in the early market.

It is analyzed that the decision was made considering the strategic importance of being Genesis' first hybrid model and competition with the Lexus RX 350h, which has virtually monopolized the domestic premium sports utility vehicle (SUV) hybrid market.

Currently, the domestic starting price of the RX 350h is 87.9 million won, so if the GV80 Hybrid starts at 70 million won, the price is about 10% lower.

It also appears to have been taken into consideration that the success of the GV80 Hybrid could affect the establishment of Genesis' future hybrid lineup.

An industry insider predicted, "If the GV80 Hybrid is released at a price that does not exceed the '80 million won barrier' that consumers have been expecting, not only will Genesis settle in the hybrid market early, but the likelihood of success in expanding the lineup in the future will also increase."