Hyundai’s luxury brand Genesis is making its mark in the world’s largest EV market. The all-electric Genesis GV60 won China’s 2024 SUV of the year award, beating out several key rivals.
Genesis GV60 earns 2024 China SUV of the year award
Since its launch in 2021, the Genesis GV60 has earned several awards, including the German premium car of the year in 2023.
Its most recent comes in the biggest EV market by far. Hyundai announced the Genesis GV60 won the “2024 SUV of the Year” at the Car of the Year awards. The awards are sponsored by the editor-in-chief of China’s major auto publications, with over 40 journalists as judges.
Genesis’ electric luxury SUV beat out 80 other models. Three models were chosen: the Lotus Eletre, Genesis GV60, and Geely Galaxy L7.
The Genesis GV60 swept the competition, earning 186 points (Eletre – 121 pts, Geely L7 – 103 pts).
“This award strengthens the Genesis brand’s position in the Chinese market,” said Genesis China’s CEO Wells Lee. He added the brand is “pleased that the luxurious design, excellent performance, and technology of the GV60” is being recognized in the world’s largest EV market.
The GV60’s sleek design, luxury interior, and advanced tech continue to attract new customers in key regions. Genesis set a new sales record in the US last year and is on pace to break it again in 2023.
Based on Hyundai’s E-GMP platform with a 76.4 kWh battery, the GV60 offers up to 645 km (400 mi) CLTC range (up to 294 mi EPA-est range).
With 400/800V multi-input charging, the Genesis GV60 battery can charge from 10%-80% in as little as 18 minutes. It also includes features like vehicle-to-load (V2L) and digital key 2.
The electric SUV is available in two versions in China: Luxury, starting at ¥ 286,800 ($40,000), or Ultimate Luxury, which costs ¥ 352,800 ($49,200).
In the US, the new 2024 Genesis GV60 is available in three trims. It starts at $52,000 with up to 294 miles range.
Electrek’s Take
The Hyundai Motor Group, including Kia and Genesis, are on a roll. Hyundai and Kia achieved record exports as demand builds for EVs in key markets.
Hyundai had its best November sales month in the US ever, with EV sales tripling over last year. November marks the 16th month Hyundai and Kia’s total sales grew YOY in the US.
Including Kia, Hyundai topped GM’s Chevy and Ford to become the second top-selling EV brand in the US, behind only Tesla in Q3.
Meanwhile, Genesis electric vehicles are now available in 33 US states, up from only eight last fall. The brand has already committed to an all-electric lineup by 2030. Starting in 2025, every new Genesis model will be electric.
Hyundai, including Genesis and Kia, will be one to watch as the auto industry’s transition to EVs unfolds. The automaker wants to be one of the top three EV producers by 2030.
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The all-electric luxury electric SUV is getting significantly cheaper. Lexus launched a new entry-level 2025 RZ trim with starting prices over $10,000 less than last year’s model. And you get just as much driving range.
2025 Lexus RZ electric SUV prices and driving range
Lexus launched its first dedicated EV last year, the RZ electric SUV. Starting at $55,175, the 2024 Lexus RZ 300e has a range of up to 266 miles.
The 2024 RZ 450e AWD, equipped with its dual-moto DIRECT4 system, has a range of up to 196 miles. Prices start at just under $60,000. Both models are offered in Premium or Luxury packages.
Lexus is drastically lowering prices for the 2025 model year. The 2025 Lexus RZ starts at $43,975, and that includes the $1,175 delivery fee.
At under $44,000, prices for the 2025 RZ start at over $10,000 less than last year’s model. The lower price tag comes as Lexus added a new entry-level RZ 300e FWD trim to the lineup.
The 2025 Lexus RZ 300e FWD still has an EPA-estimated 266-mile range (18″ wheels), so despite the lower price, it’s no loss from last year’s model. It’s powered by a 72.8 kWh battery pack from global leader CATL.
Lexus modified the subframe for the FWD model, replacing the rear eAxle from the AWD model. The result is a quieter, smoother drive.
Powered by a 71.4 kWh battery, the 2025 RZ 450e AWD has an EPA-estimated driving range of up to 220 miles (18″ wheels).
2025 Lexus RZ model
Starting Price*
EPA-estimated Driving Range
RZ 450e AWD
$48,675
220 miles
RZ 450e Premium AWD w/ 18″ Wheel
$52,875
220 miles
RZ 450e Premium AWD w/ 20″ Wheel
$54,115
196 miles
RZ 450e Luxury AWD
$58,605
220 miles
RZ 300e FWD
$43,975
266 miles
RZ 300e Premium FWD w/ 18″ Wheel
$48,175
266 miles
RZ 300e Premium FWD w/ 20″ Wheel
$49,415
224 miles
RZ 300e Luxury FWD
$53,905
266 miles
2025 Lexus RZ electric SUV prices and range (*Includes Delivery, Processing and Handling fee of $1,175)
The 2025 Lexus RZ is available in three grades. These include the new entry-level model, in addition to the current Premium and Luxury trims.
Inside, the electric SUV has a minimalistic feel with a standard 14″ infotainment with Apple CarPlay and Android Auto support at the center.
You can also opt for the available 10″ head-up display (HUD), Mark Levinson Surround Sound System, and a host of safety features.
The flat platform provides a spacious interior with 37.52″ of rear legroom, nearly as much as the second row of a Ford Explorer (39″).
With the 2025 model arriving at dealerships soon, Lexus is offering closeout prices on 2024 models with up to $18,500 in lease cash discounts. You can use our link to find the best offers on the Lexus RZ at a dealer near you today.
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Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. 1. Markets dipped lower Friday after a rough week for the S & P 500 , which fell 1.7%. Investors are grappling with the potential impact of a Trump presidency, but Jim Cramer argued this “unease on Wall Street” is premature since we still don’t know how the economy will respond to the new administration. Meanwhile, energy and financials are the top-performing sectors, driven by hopes for deregulation and a pro-business environment. Coterra , our oil and natural gas play, stands to gain from increased drilling activity. Jim would “love to double down on Coterra” since data centers will turn more to natural gas to meet soaring energy needs. 2. Jim said he was nervous about Best Buy , the electronics retailer expected to benefit from the refresh AI-powered PC cycle. He’s concerned about how potential China import tariffs under a Trump presidency would squeeze Best Buy’s operating profit, since many electronics sold by the retailer are manufactured in China. Jim debated on Friday whether to trim Best Buy, but hesitated since it is more of a 2025 play. With a small 2% stake in the company, we’re opting to keep a close watch on sales trends, especially as the latest retail data shows strength in electronics and appliances — an encouraging sign heading into the holiday shopping season. 3. A bright spot in a down market is solar company Nextracker . Solar stocks rose Thursday after a Reuters report suggested clean energy policies under Biden’s Inflation Reduction Act “will be tough to roll back” as companies have already poured money into the programs. Nextracker rallied more than 6% Thursday on hopes that solar might be spared. However, the stock gave up some of those gains Friday, slipping 3%. Jim pointed out that Trump isn’t against solar companies, but rather he’s against the parts made overseas. Nextracker’s solar solutions are made in the U.S. 4. Stocks covered in Friday’s rapid fire at the end of the video were Berkshire Hathaway and Alibaba . (Jim Cramer’s Charitable Trust is long CTRA, BBY, NXT. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
U.S. Secretary of Energy Jennifer Granholm speaks to the media on day five at the UNFCCC COP29 Climate Conference on November 15, 2024 in Baku, Azerbaijan.
Sean Gallup | Getty Images News | Getty Images
A potential decision by Donald Trump to walk back the Biden administration’s climate-geared projects would impact jobs in areas governed by the President-elect’s own party, outgoing U.S. Energy Secretary Jennifer Granholm told CNBC, urging consistency in Washington’s green transition policies.
Referencing the White House’s withdrawal from the Paris Agreement — a 2015 treaty in which nearly 200 governments made non-binding pledges to reduce greenhouse emissions — during Trump’s first mandate, Granholm said the U.S. pressed ahead with projects linked to the green transition that members of Congress wanted to undertake in their districts.
“We are now building all of these projects. We’re building batteries for electric vehicles, we’re building the vehicles, we’re building the offshore wind turbines, we’re building the solar panels. And all of those are factories. And those factories are in districts of members of Congress,” she told CNBC’s Dan Murphy on Friday at the COP29 U.N. climate conference held in Baku, Azerbaijan.
She estimated that 80% of the funding from U.S. President Joe Biden’s legacy bills — the Inflation Reduction Act and the Bipartisan Infrastructure Law — went to U.S. districts represented by Republican leadership.
“It would be political malpractice to undo those opportunities when people are just now getting hired,” she said, stressing benefits to the manufacturing sector and noting that the business community of the world’s largest economy and oil producer now wants a clear course from Washington on its climate policy.
“This isn’t about in [the Paris Agreement], out, shifting back and forth. Let’s have a consistent practice,” she said.
When asked for a response on Granholm’s comments, Karoline Leavitt, a spokeswoman for Trump’s transition team, said the president-elect will “deliver” on the promises he made on the campaign trail.
International focus has now shifted on the shape of the U.S.’ future role in global climate policy, as Trump prepares to take the helm at the White House for a second mandate in January, following a sweeping victory against Democrat candidate Kamala Harris. Trump — who has yet to announce his own pick to lead the U.S. Department of Energy — put hydrocarbons at the front and center of his campaigning agenda, pledging to “end Biden’s delays in federal drilling permits and leases that are needed to unleash American oil and natural gas production.”
The U.S. Energy Information Administration (EIA) in March said that the country already “produced more crude oil than any nation at any time” for the past six years to 2023, averaging a crude oil and condensate production of 12.9 million barrels per day that year — breaking the previous U.S. and global record of 12.3 million barrels per day recorded in 2019, during Trump’s first mandate.
Yet Granholm on Friday stressed that the clean transition is also “unleashed” and will take place regardless of who is leading the White House — and that ignoring climate change risks sacrificing Washington’s position as a frontrunner in the blooming decarbonization industry.
“Why would we take a second, a backseat to an economic competitor like China?” she asked. “They have an economic strategy, they want to be number one. So if we get out of the game, we’re just going to cede that territory all over again. It’s bad strategy for the United States and for workers and for communities across the country.”
As the world braces for the possibility of a second U.S. exit from the Paris Agreement, some climate activists note that the green transition has now gained a different global momentum than during Trump’s first turn at the White House:
“There is no denying that another Trump presidency will stall national efforts to tackle the climate crisis and protect the environment, but most U.S. state, local, and private sector leaders are committed to charging ahead,” Dan Lashof, U.S. director of the World Resources Institute, said in a Nov. 6 statement.
“Donald Trump heading back to the White House won’t be a death knell to the clean energy transition that has rapidly picked up pace these last four years.”
Granholm also identified potential support in Trump’s current entourage, which this week welcomed business tycoon Elon Musk as the president-elect’s choice to head a new Department of Government Efficiency, alongside conservative activist Vivek Ramaswamy:
“His right-hand man, Elon Musk, is somebody who has been strongly in favor of products that … address climate change. Obviously, he’s the founder of Tesla,” Granholm pointed out.
Musk’s environmental stance has come under question over the years, shifting from telling Rolling Stone magazine that “climate change is the biggest threat that humanity faces this century, except for AI” and backing carbon taxes to holding that the world needs hydrocarbon supplies as a bridge to renewable energy.