Genesis to expand into Western Europe to tap luxury EV demand
The announcement was made on Friday during the 24 Hours of Le Mans — one of the world's largest motorsports events — with Hyundai Motor Group Chief Design Officer Luc Donckerwolke and Xavier Martinet, head of Hyundai Motor and Genesis' European operations, in attendance.
Genesis is set to begin deliveries in the four new markets starting in early 2026. The initial lineup will include the electric sport utility vehicle GV60, the electrified version of the GV70 SUV and the upcoming GV80 electric coupe. Details regarding sales channels and strategies for each country have yet to be disclosed.
'Our entry into these important markets is a pivotal moment for Genesis. We are moving now to deepen our long-term presence and commitment across Europe,' said Martinet.
'This is the most significant market expansion since we launched in Europe in 2021 and is the start of our next phase of measured, strategic growth and sporting brand direction.'
After entering Germany, the United Kingdom and Switzerland in 2021, Genesis is now expanding into all major electric vehicle markets in Western Europe.
According to SNE Research, Europe accounted for 20.9 percent of global battery electric and plug-in hybrid vehicle sales between January and May, the largest share outside China, with 26.2 percent year-over-year growth during the period.
Hyundai Motor Group has rapidly increased its presence in the region's EV market with compact, affordable models such as Kia's EV3 and Hyundai's Kona Electric and Casper Electric, achieving 45 percent year-over-year growth between January and April.
However, the luxury EV segment continues to be led by established local brands like Mercedes-Benz, BMW and Audi, presenting recognition challenges for newer entrants like Genesis.
Hyundai's expansion seeks to tap into potential openings as local automakers adjust the pace of electrification amid concerns over demand and profitability. The company expects the luxury EV segment to grow further, potentially comprising half of Western Europe's luxury car market by 2027 as new internal combustion engine vehicle sales are phased out by 2035.
As part of efforts to showcase its technological capabilities, the brand plans to expand its presence in global motorsports through its Genesis Magma Racing team, established in late 2024. It aims to enter the Hypercar class of the International Automobile Federation's World Endurance Championship, one of the most prestigious endurance racing series in the world, next year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
Zoomlion's Heavy-Duty Crawler Crane Supports Construction of Morocco's 2030 World Cup Stadiums
ZCC9800W deployed as core lifting equipment for Rabat venue, with more projects ahead RABAT, Morocco, July 2, 2025 /PRNewswire/ -- As Morocco accelerates preparations for the 2030 FIFA World Cup, Zoomlion's flagship crawler crane, the ZCC9800W, is undertaking critical hoisting operations at the Prince Moulay Abdellah Stadium in Rabat, one of the country's key tournament venues. Designed for large-scale infrastructure and energy projects, the ZCC9800W is delivering high-precision lifts of steel components weighing hundreds of tons, operating with efficiency and stability on site. The ZCC9800W, a high-capacity crawler crane known for its robust performance and structural stability, has been designated as the primary hoisting solution on site. Construction teams have commended the equipment for its superior lifting capacity, precision control systems, and reliability under load, noting that its integrated performance exceeds that of comparable models in the same tonnage class. Its deployment has significantly advanced progress on structural assembly work for the stadium's main framework. Following the completion of hoisting operations at Prince Moulay Abdellah Stadium, the ZCC9800W will be transferred to the construction site of Grand Stade Hassan II Stadium, located in Benslimane, Morocco, which is projected to be the largest football stadium in the world. This transition underscores the crane's versatility and its central role in supporting high-profile international projects with demanding technical requirements. With extensive application in wind turbine installation, petrochemical construction, and large-scale infrastructure works, the ZCC9800W has proven its capability across a range of complex operating environments. It has demonstrated stable and efficient performance at wind power sites in Inner Mongolia under -40°C temperatures and in Vietnam under wind speeds exceeding 8 m/s, maintaining precise load handling and operational safety throughout. The ZCC9800W has also been deployed in European projects, meeting advanced operational and certification standards required in the region, and offers a competitive and reliable solution for heavy-lift scenarios in advanced economies. The crane's performance in Morocco marks a key milestone in Zoomlion's continued advancement in the high-tonnage crane segment. Leveraging its in-house R&D and manufacturing capabilities, Zoomlion has steadily expanded its portfolio of globally competitive crawler and all-terrain cranes, providing integrated lifting solutions that meet the demands of critical infrastructure development worldwide.
Korea Herald
8 hours ago
- Korea Herald
Interview: ‘Lithuania is ready to be Korea's fastest gateway to Europe'
Vice Minister of Economy and Innovation says Lithuania courting Korean investment with vision of high-tech synergy Lithuania is intensifying its efforts to deepen economic ties with South Korea, positioning itself both as a gateway to European markets and as a partner in advanced industries ranging from high-tech innovation to clean energy. In an exclusive interview with The Korea Herald, Lithuanian Vice Minister of Economy and Innovation Marius Stasiukaitis outlined a strategic vision for bilateral cooperation focused on innovation-driven industries and streamlined investment processes. 'Korea and Lithuania share many parallels,' Stasiukaitis said. 'We're both relatively small nations that value democracy, technological advancement and resilience. These shared values form a solid foundation for a long-term partnership.' Central to Lithuania's pitch is its 'investment highway' -- a government-led initiative designed to significantly reduce red tape for foreign businesses seeking a European foothold. 'Large-scale investments, especially in sectors like defense, semiconductors and data centers, can expect regulatory timelines up to ten times faster than the European average,' Stasiukaitis said, emphasizing the country's ambition to become the fastest entry point into Europe, with incentives such as zero corporate tax for up to 20 years. 'Lithuania is not just offering incentives -- we're building an ecosystem,' he added. 'Our talent pool, regulatory flexibility and innovation infrastructure make us an ideal launch pad for Korean firms looking to expand across Europe.' He identified five key sectors where Korea and Lithuania have the greatest potential for collaboration: lasers, life sciences, clean technologies, financial technologies and the space industry. Lithuania is already a global leader in laser technology, with over 90 percent of its laser exports serving top-tier research institutions. However, the focus is now shifting toward industrial applications, where Korea's prowess in semiconductors, electronics and biotechnology offers a natural complement. 'We see enormous potential for collaboration in transitioning our laser technologies into high-impact industrial uses. Korean firms are leaders in those sectors and are ideal partners for joint innovation,' he said. In life sciences, Lithuania aims to generate 5 percent of its GDP from the sector and is already collaborating with its Korean counterparts to establish a co-funded research and development fund. On the fintech front, Lithuania leads the EU in per-capita fintech licensing, with Korean startups already engaged with the Lithuanian central bank to enter the European market. Lithuania is also betting big on clean technologies. The country has committed to producing 100 percent of its electricity from renewable sources by 2028. 'We're working with companies like SK E&S on LNG infrastructure, carbon capture and hydrogen projects. There's a strong appetite for joint development,' the vice minister noted. Despite its modest population of just 3 million people, Lithuania boasts one of the fastest-growing startup ecosystems in Europe, with the highest per-capita unicorn count in the EU, according to Stasiukaitis. Companies such as Vinted and NordVPN exemplify the country's entrepreneurial momentum. 'Korean startups looking to expand into Europe will find Lithuania to be fertile ground,' he said. 'Our government provides one of the most innovation-friendly environments in Europe, from regulatory sandboxes to generous R&D grants.' Still, the vice minister admitted that Korea-Lithuania cooperation is in the early stages. 'We need more high-profile success stories -- big-name Korean firms investing in Lithuania or joint R&D breakthroughs that show the world what's possible,' he said. Asked whether cultural or labor-related challenges might hinder Korean firms entering Lithuania, he dismissed the concern. 'What surprises many is how similar our work culture and priorities are,' the vice minister said. 'We both emphasize engineering excellence, long-term vision and technological leadership.' While Lithuania may not yet be a household name for Korean companies, Stasiukaitis is confident that the value fit is strong. 'Lithuania has already become a known investment destination for global leaders like Continental and Rheinmetall. Now it's Korea's turn to discover the opportunities here.' With embassies now established in both countries and bilateral interest growing in strategic sectors, the stage appears set for a deeper, more resilient partnership. 'Our message to Korean companies is simple,' he concluded. 'Lithuania is open, ready and eager to grow with you.'
Korea Herald
8 hours ago
- Korea Herald
Hyundai's new lab brings future cars closer to drivers
In a sleek showroom on a bustling street in Gangnam-gu, Seoul, visitors this week gripped futuristic steering wheels, rearranged the seats in cars like puzzle pieces, and slipped behind the wheel of a Genesis GV70 for a simulated urban drive -- all part of Hyundai Motor Group's new push to let the public help shape the cars of tomorrow. Hyundai will officially open the facility, dubbed UX Studio Seoul, on Thursday as part of efforts to advance next-generation mobility and bring its latest technologies closer to consumers. The lab is the first permanent research platform by a global automaker allowing direct public participation, Hyundai said, with plans to replicate the concept in Shanghai, China, next year. Located in southern Seoul's busy commercial district, UX Studio Seoul invites visitors to explore future vehicle designs, experience driving simulations, and interact with displays explaining new mobility technologies. Crucially, the lab collects data on visitor preferences, physical comfort, and driving habits, feeding insights into the development of future Hyundai, Kia, and Genesis models, as well as broader mobility solutions. 'Our vision for the best 'us' goes beyond convenience to foster a truly inspiring mobility experience,' said Kim Hyo-lin, the head of the group's feature strategy division. 'UX Studio Seoul is not about delivering a one-way experience -- it's a collaborative hub where customer insights are directly integrated into the actual vehicle development process.' At a media preview Tuesday, the tour began in the UX Test Zone on the first floor, where visitors learned how future vehicles could be tailored to various lifestyles via interactive touchscreen panels. A wooden prototype allowed participants to adjust key in-car elements such as the steering wheel, seating positions, and integrated tables, simulating different real-world scenarios. One participant noted that the knee space in a face-to-face seating layout felt tight. An on-site staff member explained that feedback like this is recorded to inform improvements in interior spatial design. An advanced driving simulation is also available in a separate room featuring a real Genesis GV70 equipped with various in-vehicle devices. A video displayed on an LED screen in front of the vehicle provides a realistic driving experience. The lab collects data on how users interact with in-car devices and how their gaze moves in different driving situations to improve vehicle safety and convenience features, the company explained. On either side of the UX Test Zone, Hyundai Motor Group showcased its Electric-Global Modular Platform and software-defined vehicle system inside a transparent car prototype designed to resemble a neural network. The display explained the workings of key features of future mobility, along with their hardware components. The lab's second floor, accessible to pre-recruited participants, houses dedicated research areas where engineers conduct in-depth studies on passenger cars, commercial vehicles and sports cars. An advanced simulation room offers a wider range of scenarios than the one on the first floor, including simulations of major cities around the world. Participants test adjustable prototypes, enabling more realistic experiences and precise data collection for functional improvements. forestjs@
