Hyundai Motor Group betting big on Genesis GV80 in US

By Baek Byung-yeul

Hyundai Motor Group is set to jump on the SUV bandwagon in the United States with the GV80, a large-size SUV model from the group's luxury brand Genesis.

Industry analysts said the GV80 will likely meet an explosive response in the U.S. market where SUV models are popular because the COVID-19 pandemic has ruined the global supply chain and delayed the launch of new SUVs, while Hyundai Motor Group has successfully managed its supply chain.

Genesis rolled out the GV80 SUV last month with an aim to vie with luxury SUV players such as the BMW X5, the Mercedes-Benz GLE and the Lexus RX.

Given the GV80 had garnered over 20,000 pre-orders before the official launch, industry analysts said the new SUV model will help enhance the competitiveness of Hyundai Motor Group in the U.S. market.

For now, it seems the atmosphere is favorable in the U.S. as the GV80 has been received well by critics there.

U.S. magazine Car and Driver recently gave the GV80 a 10 out of 10 rating, the highest scoring among the mid-size luxury SUV models. “With a sumptuously appointed and whisper-quiet cabin, the 2021 GV80 is exactly the flagship SUV the Genesis brand needs to be taken seriously by American consumers,” the magazine commented.

In its overview the magazine further noted, “Fledgling luxury carmaker Genesis has proven that it is quite capable of challenging European and Japanese luxury brands and now it's getting into the premium SUV game with the 2021 GV80.”

The GV80 was also named as one of the finalists of the 2021 North American Car, Utility and Truck of the Year (NACTOY) awards.

The NACTOY awards have recognized the most outstanding car, truck and SUV based on innovation, design, safety, performance, handling, driver satisfaction and value since 1994, and the winners will be announced Jan. 11.

Lee Jae-il, an analyst at Eugene Investment & Securities, said the Genesis GV80 is in a favorable market environment since German companies such as BMW, Audi and Mercedes-Benz have no plan to release SUV models in 2021.

“The three German carmakers are preparing to launch new electric cars in the U.S. market. Volkswagen will release two electric SUVs while Mercedes-Benz will roll out three electric SUVs, the EQA, the EQB and the EQC, and BMW will launch the iX electric SUV there,” Lee said.

“Ford's new SUV Bronco was scheduled to be released in the fourth quarter but it was delayed to summer 2021. Acura's new MDX SUV is also likely to be released in the first half of 2021. This is because carmakers have faced supply chain disruptions due to the COVID-19 pandemic,” the analyst added.