Genesis Still Pondering A Small EV And A V8 Engine

Despite the challenges, Genesis remains committed to the new market segments it plans to expand into.

In just a few weeks, the Hyundai-owned premium brand is expected to unveil its new flagship luxury model, in the form of the all-electric GV90 with three rows of seats. Positioned as a higher-end alternative to the Hyundai Ioniq 9 and Kia EV9, the GV90 signals the company’s intention to grow and challenge legacy brands, according to Carscoops.

Genesis doesn’t just want to expand into the upper echelons of the market. According to the company’s managing director for Europe, Peter Kronschnabl, this could include smaller models that will sit below the GV60, which is currently the company’s most compact model.

When asked by Autocar magazine whether Genesis could launch its own version of the Ioniq 3, Kronschnabl said: “We’re still evaluating this, but we don’t have anything to confirm.” He added that “for an evolving brand, we need to follow fast-growing segments where we may need to be present to nurture customers.”

The key, Kronschnabl said, is that the company must ensure it only expands into new segments with solid long-term opportunities, rather than chasing short-term success.

“There are some niches,” he noted. “For example, there’s no real premium pickup. But is that a segment you should be getting into? So there are segments where there might be a void, but they don’t make sense [to us]. You have to be very careful when you look at this void and not go there just because you believe there’s a short-term opportunity.”

Genesis isn’t just thinking about moving to smaller, slightly more affordable models. Late last year, they unveiled their “crazy” Magma GT concept, announcing a mid-engined, V8-powered sports car that’s expected to hit the market in the next few years.

• Also See: Hyundai And Genesis To Roll Out 36 New/Updated Models In 5 Years