Genesis unveils stunning first luxury full-size electric SUV with the Neolun Concept
Genesis made a bold statement unveiling two stunning new luxury EVs. Among them was its first full-size luxury electric SUV concept, the Genesis Neolun Concept. Meanwhile, Genesis is previewing a new high-performance brand set to rival Mercedes-AMG with the GV60 Magma concept.
Hyundai’s luxury brand Genesis is making a name for itself in the EV era. After nearly quadrupling EV sales in the US last year (topping Lexus and Lucid), Genesis looks to continue its expansion.
As one of the first legacy automakers to commit to ending gas-powered vehicle sales by 2026, Genesis is making quick progress. Genesis launched its first EV in the US, the GV60, in May 2022.
Since then, the luxury brand has added the Electrified GV70 and Electrified G80 sedan. The Electrified GV70 marked the first Genesis (and Hyundai) EV built in the US, rolling off the production line over a year ago.
According to data from Cox Automotive, Genesis sold 6,403 EVs in the US in 2023, up 283% from the 1,671 delivered in 2022.
Genesis added a cheaper Electrified G80 “Advanced” trim that’s $5,380 less than the previous year’s model. The Genesis G80 now starts at $75,570.
Genesis Neolun previews first full-size electric SUV
Ahead of the NY Auto Show, Genesis revealed the Neolun concept, previewing its first full-size luxury electric SUV.
The electric SUV will serve as the brand’s tech beacon with “innovation that exceeds conventional standards,” according to Genesis.
“It’s the epitome of timeless design and sophisticated craftsmanship,” according to Genesis Chief Creative Officer Luc Donckerwolke. The name “Neolun” comes from the Greek “neo,” or new, and Latin “luna,” meaning moon.
Donckerwolke explained that “The Neolun Concept was inspired by Korea’s iconic moon-shaped porcelain jars.”
The electric SUV exterior is based on a “reductive design” with clean lines and no unnecessary details. Genesis included coach doors, removing the B-pillars, and connecting the vehicle’s body and roof.
The design provides a spacious interior. Meanwhile, electric side steps automatically deploy when the doors open.
Inspired by Korea’s “ondol,” the Genesis Neolun concept includes a radiant heating system for efficient heating through the vehicle, similar to a Korean home heating method.
The electric SUV features an advanced “sound architecture” for an immersive audio experience. Genesis claims each speaker is strategically placed to provide a “concert hall-like” feel. As the speaker activities, the crystal sphere upfront rotates into a tweeter.
Genesis GV60 Magma previews high-performance brand
Genesis also unveiled the GV60 Magma, officially kicking off the brand’s entry into high performance.
After teaming up with racing legend Jacky Ickx, a sportier GV60 appeared in the background of an intro video. We speculated it could be the new GV60 design.
It looks like it was more than that. Genesis officially launched Magma, the luxury brand’s new high-performance brand. Genesis Magma is “the brand’s expansion into the realm of high-performance vehicles.”
“Genesis Magma presents an exciting opportunity to push the boundaries of performance and luxury for new interpretations in high-performance vehicles,” Donckerwolke boasted.
The Genesis GV60 Magma will be among the first models to launch. Taking the brand’s first dedicated EV, the GV60 Magma, is lower and wider for a sportier design and lower center of gravity.
Genesis included a wider and lower air intake in the bumper to cool the batteries and motor. Three stamped holes above the main air intake provide additional cooling with added canards for downforce. Fins have been added to the roof to channel air to the rear wing, generating downforce.
The luxurious and sporty interior includes bucket seats with double-diamond stitching patterns featuring Magma’s iconic orange and titanium grey colors.
Genesis’ new high-performance brand will rival Mercedes-AMG, which teased its first sporty electric vehicle testing earlier this month.
What do you guys think about Genesis’s new EV concepts? I look forward to seeing more about the luxury brands’ new EV projects. Let us know your thoughts in the comments.
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EV sales kept up their momentum in December 2024, with incentives playing a big role, according to the latest Cox Automotive’s Kelley Blue Book report.
December’s strong EV sales saw an average transaction price (ATP) of $55,544, which helped push the industry-wide ATP higher, according to Kelley Blue Book. The December ATP for an EV was higher year-over-year by 0.8%, slightly below the industry average, and higher month-over-month by 1.1%. Tesla ATPs were higher year-over-year by 10.5%.
Incentives for EVs remained elevated in December, although they were slightly lower month-over-month at 14.3% of ATP, down from 14.7% in November.
EV incentives were higher by an impressive 41% year-over-year and have been above 12% of ATP for six consecutive months. Strong sales incentives, which averaged more than $6,700 per sale in 2024, were one reason EV sales surpassed 1.3 million units last year, according to Cox Automotive, a new record for volume and share.
(My colleague Jameson Dow reported yesterday, “In 2024, the world sold 3.5 million more EVs than it did in the previous year … This increase is larger than the 3.2 million increase in EV sales from the previous year – meaning that EV sales aren’t just up, but that the rate of growth is itself increasing.”)
Kelley Blue Book estimated that in December, approximately 84,000 vehicles – or 5.6% of total sales – transacted at prices higher than $80,000 – the highest volume ever. KBB lumps gas cars and EVs together into this luxury vehicle category, so this is where Tesla Cybertruck is slotted.
However, Tesla bundles sales figures of Cybertruck with Model S, Model X, and Tesla Semi(!) into a category it calls “other models,” so we don’t know for sure exactly how many Cybertrucks Tesla sold in Q4, much less in December. However, Electrek‘s Fred Lambert estimates between 9,000 and 12,000 Cybertrucks were sold in Q4, and that’s not a stellar sales figure.
What will January bring when it comes to EV ATPs? What about tax credits? Check back in a month and I’ll fill you in.
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Tesla is now claiming that Cybertruck was the ‘best-selling electric pickup in US’ last year despite not even reporting the number of deliveries.
There’s a lot of context needed here.
As we often highlighted, Tesla is sadly one of, if not the most, opaque automakers regarding sales reports.
Tesla doesn’t break down sales per model or even region.
For comparison, here’s Ford’s Q4 2024 sales report compared to Tesla’s:
You could argue that Tesla has fewer models than Ford, and that’s true, but Tesla’s report literally has two lines despite having six different models.
There’s no reason not to offer a complete breakdown like all other automakers other than trying to make it hard to verify the health of each vehicle program.
This has been the case with the Cybertruck. Tesla is bundling its Cybertruck deliveries with Model S, Model X, and Tesla Semi deliveries.
Despite this lack of disclosure, Tesla has been able to claim that the Cybertruck has become “the best-selling electric pickup truck” in the US in 2024:
It very well might be true. Ford disclosed 33,510 F-150 Lightning truck deliveries in the US in 2024 while most estimates are putting Cybertruck deliveries at around 40,000 units.
Those are global deliveries, but Tesla only delivered the Cybertruck in the US, Canada, and Mexico in 2024, and most of the deliveries are believed to be in the US.
However, there’s essential context needed here, as we highlighted in our recent ‘Tesla Cybertruck sales are disastrous‘ article.
First off, Tesla had a backlog of over 1 million reservations for the Cybertruck that it has been building since 2019. This led many to believe Tesla already had years of demand baked in for the truck and that production would be the constraint.
However, based on estimates, again, because Tesla refuses to disclose the data, Cybertruck deliveries were either flat or down in Q4 versus Q3 despite Tesla introducing cheaper versions of the vehicle and ramping up production.
Again, that’s after just about 40,000 deliveries.
Furthermore, with almost 11,000 deliveries in Q4 in the US, Ford more likely than not outsold Cybertruck with the F-150 Lightning in Q4.
Electrek’s Take
Tesla is in damage control here. There’s no doubt that it is having issues selling the Cybertruck.
Inventory is full of Cybertrucks and Tesla is now discounting them and offering free lifetime Supercharging.
Tesla is great at ramping up production, and it’s clear the Cybertruck is not production-constrained anymore. It is demand-constrained despite having over 1 million reservations.
Again, those reservations were made before Tesla unveiled the production version, which happened to have less range and cost significantly more.
The upcoming cheaper single motor version should help with demand, but I have serious doubts Tesla can ramp this program up to more than 100,000 units in the US.
As a reminder, Tesla installed a production capacity of 250,000 units annually and Musk said he could see Tesla selling 500,000 Cybertrucks per year.
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