Hyundai launches electrified GV70’s global premiere in China to boost sales

Hyundai Motor Co. has unveiled an electric variant of the GV70, a premium SUV under its standalone Genesis brand, for the first time globally at a China motor show in a bid to revive its sagging sales in the world’s largest auto market.

Hyundai and its sister firm Kia Corp. on Friday also premiered hybrid and other eco-friendly models targeting the Chinese market at the Guangzhou International Automobile Exhibition.

The Electrified GV70, with which the company aims to expand its presence in the Chinese market, will set “a new standard for luxury electric SUVs.”

“Hosting the world premiere of the Electrified GV70 underscores our commitment to the Chinese market,” said Markus Henne, chief executive of Genesis Motor China.

SangYup Lee, head of Genesis Global Design, said the electric model of the GV70 is particularly targeting “youthful and energetic” Chinese customers.

Boasting a competitive range of more than 500 kilometers (310 miles) on a single charge, the electric GV70 will be available only with four-wheel drive.

It can be charged from 10% to 80% in 18 minutes when using a 350 kW rapid charger and the model goes from zero to 100 km (62 miles) per hour in 4.5 seconds in Boost Mode, according to Hyundai.

DEDICATED FOR CHINA MARKET

The top Korean automaker said the Electrified GV70 is also the first Genesis model to feature the SUV-specific e-Terrain Mode, which enables a stable driving experience in various environments.

At the Auto Guangzhou 2021, Genesis will be displaying a total of five vehicles – the Electrified GV70, the G80 flagship luxury sedan, the GV80 SUV, and two G70 models.

Hyundai also debuted the Tucson hybrid and the high-performance Tucson N Line at the motor show. The company will roll out the two models in the Chinese market by year-end.

Meanwhile, Kia showcased the EV6, its first dedicated electric vehicle built on Hyundai Motor Group’s new EV platform E-GMP.

Kia said it will launch the EV6 and EV6 GT in the Chinese market at the end of 2022 and unveil at least one new electric vehicle in China every year afterward.

LACKLUSTER CHINA SALES

Hyundai and Kia’s ambitious China plans come as the Korean automotive group is struggling with weak sales in the world’s largest auto market amid aggressive marketing by their global rivals and in the aftermath of a diplomatic dispute between Seoul and Beijing over the deployment in Korea of a US anti-missile system in 2017.

In 2019, Hyundai suspended its Beijing plant and stopped producing low-end models to improve profitability. Kia also shut down its Yancheng plant in the same year due to lower local demand for its models. The two plants have yet to resume production.

Hyundai Motor’s Chinese auto market share stood at 1.5% as of October, down 0.9 percentage point from the year-earlier period, while Kia’s market share fell by 0.4 percentage point to 0.8%.

Write to Il-Gue Kim at Black0419@hankyung.com
In-Soo Nam edited this article.