Genesis dealers high-five over record sales and wave of new standalones

LAS VEGAS — Following a record year of sales, Genesis dealers are expecting 2024 to mark another year of growth as the young luxury brand moves ahead with plans to open more standalone retail stores and stays the course on electric vehicles.

"We see amazing product, we see strong sales growth, and so what that leads to is significant investment," Kevin Reilly, chair of the Genesis National Dealer Advisory Council, told Automotive News after the brand's franchise meeting Saturday.

So far, 40 exclusive facilities have been completed — 11 of which are fully open, while the rest are undergoing final steps and certification. Genesis said it is forecasting to double that in 2024.

Reilly, who owns a Genesis and Hyundai store in Alexandria, Va., said he is one of the dealers who is in the process of building a dedicated Genesis retail store.

The standalone strategy is part of the brand's effort to differentiate itself from Hyundai, the mass-market nameplate that launched it.

"Genesis already has fantastic products. … So really, it's the transformation of the dealer network to providing an exclusive Genesis experience for that guest when they arrive," Reilly said. "That's the No. 1 thing."

Genesis executives used the NADA make meeting to celebrate and thank its dealer network.

"2023 was the best year ever for Genesis," Jose Muñoz, CEO of Hyundai and Genesis Motor North America, said in an interview after the meeting. "These dealers have helped us deliver the best results constantly."

At the meeting, Muñoz shared more about the brand's strategy and products as well as continued investments in an assembly plant and two battery plants in Georgia.

Muñoz said Genesis is still committed to its timeline of having no new internal combustion engine model launches after 2025 and no new ICE model production after 2030.

"We're very confident, but we are also always aware of the dynamics in the market," he said, citing EV objectives set by the Biden administration that could be "challenging."

"What we're doing is to ensure that our strategy is flexible, and then in case we need to extend the transition period or even introduce other technologies between now and the moment that we will be fully electric, we will evaluate," he said.

Asked whether dealers can expect a plug-in hybrid model, Muñoz said that, for the time being, Genesis has not announced any plans to do so. Instead, Hyundai Motor Co. plans to launch 17 new battery-electric vehicles — 11 from Hyundai and six from Genesis — through 2030, he said.