The aggressive product cadence already planned for this year at luxury upstart Genesis has a new edition: The GV60 battery-electric crossover is expected to launch by the end of 2021.
Dealers attending the NADA make meeting already knew Genesis was working on an electric vehicle, but the name, timing and other details had not been confirmed until then.
Lanzavecchia: Monitor leases
"Product is always top of mind for dealers, and we actually got a huge product announcement," said Peter Lanzavecchia, chairman of the Genesis National Dealer Advisory Council and owner of Genesis of Cherry Hill in Marlton, N.J.
Lanzavecchia told Automotive News that dealers were pleased that Genesis chose a crossover body style for its first EV rather than something closer to the Mint urban car concept from 2019.
The EV announcement comes on top of plans for the new GV70 crossover and a freshened G70 compact sedan this year. The Korean luxury brand's first crossover, the GV80, arrived in December.
While dealers expressed interest in a future GV90 crossover as part of the product portfolio, executives did not commit to a larger gasoline SUV, the dealer council chairman said.
According to Lanzavecchia, Genesis Motor North America CEO Mark Del Rosso told dealers that "the reservation and presale process will continue for these product launches because it's going to be intentionally running lean."
That will mean keeping inventory at a level that supports transaction prices.
"That's great news for retailers," Lanzavecchia said. "We really have to get out of the Hyundai mindset where it's all about bulk, throughput, volume.
"We've got to protect our pricing power and protect the exclusivity of the brand."
At the same time, Genesis needs to compete on lease prices with its German and Asian luxury rivals. Genesis made a commitment to monitor leases by market to keep the monthly payments competitive, Lanzavecchia said.
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