Hyundai developing new Genesis hybrid despite all-EV plan: Reports

Hyundai Motor's Genesis GV70 [HYUNDAI MOTOR]

Hyundai Motor is developing hybrid models for its premium Genesis brand, scheduled to be released sometime next year, according to local media reports.

The new Genesis hybrid’s engine and system are currently under development and will be released in the global market next year amid sluggish demand for electric vehicles, local media outlets reported Tuesday.

A Hyundai Motor spokesperson said in a brief comment that the automaker is “in the process of developing” new hybrid models but said the reports were not confirmed by the company.

Genesis announced in September 2021 that it would transition to an all-EV brand by 2025. But a slowdown in EV demand and record-high sales of hybrid cars last year may have pressed the brakes on the automaker’s ambitious plan.

Hyundai Motor and Kia, Korea’s two largest automakers, sold a record high of 767,000 hybrid cars through November of 2023, up 32 percent on-year.

Hyundai Motor expects the strong demand for hybrid vehicles to continue into this year.

“We anticipate that sales of hybrid cars will increase 28 percent on-year to 480,000-range this year, and the percentage proportion it takes up for the entire revenue will grow to 11 percent,” Koo Za-yong, head of investor relations at Hyundai Motor, said during a conference call last month.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]