Genesis unveils new G80 EV Magma concept teasing latest Tesla Model S Plaid rival
A new sporty Genesis electric car is poised to compete with Tesla’s Model S Plaid. Genesis revealed the G80 EV Magma Concept alongside its newly designed Electrified G80 at the Beijing Auto Show. Can the high-performance Genesis compete with Tesla’s Model S Plaid?
Genesis is quickly making its presence known in the new electric era. The luxury automaker’s sales have grown in the US, its second-largest market, from 7,000 in 2016 to over 69,000 last year.
With sales surging, Genesis overtook Infiniti in US sales as it closes in on luxury rivals Porsche, which sold 75,415 vehicles in the US, Land Rover (71,727), and Volvo (128,350). Genesis’ EV sales quadrupled in the US last year, outpacing Lexus and Lucid.
Like most automakers, Genesis aims to grow the brand in the world’s largest EV market. China’s domestic automakers like BYD and NIO dominate the market as foreign brands are being squeezed out.
Genesis reaffirmed its commitment to the region at the Beijing Auto Show, debuting the new G80 EV Magma Concept alongside the new Electrified G80 and several other high-performance cars.
Meet the Genesis G80 EV Magma Concept
The G80 EV Magma is the second all-electric vehicle in the brand’s new high-performance unit.
Genesis introduced the GV60 Magma last month after teaming up with legendary racer Jacky Ickx. Magma is “the brand’s expansion into the realm of high-performance vehicles.
The GV60 Magma takes Genesis’ first EV, the GV60, and fuses a sporty design with a lower center of gravity for enhanced control and performance.
Meanwhile, the G80 EV looks to be the brand’s answer to the Tesla Model S Plaid. The electric car builds on the Electrified G80 with a more athletic design fused with added performance and style.
One of the first things you will notice is the redesigned front grille. The G80 EV Magma also features wider fenders and a new bumper reminiscent of iconic race cars. Like the GV60 Magma, the new EV is lowered for better handling.
According to Genesis, an advanced suspension, high-performance wheels, and added ventilation significantly upgrade the vehicle’s capabilities.
The G80 EV Magma was introduced alongside a newly designed Electrified G80, X Gran Berlinetta Concept, and GV60 Magma Concept.
Genesis also recently revealed the Neolum concept, previewing its first full-size electric SUV. It will spearhead the brand’s new tech and design offensive.
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Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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