2024 Genesis GV70: Prices up, diesel dead
By | CarExpert | Mon, 21 August 2023 12:06PM
Genesis has announced that it will be discontinuing the diesel-powered GV70 for the 2024 model year, leaving only petrol and electric models. This move comes as the Korean luxury brand aims to streamline its lineup and transition towards electrification.
Pricing Changes
All petrol models of the 2024 Genesis GV70 will see a price increase of $2000, with no changes to their specifications. According to the brand, this price increase is attributed to the rising costs of manufacturing and transport. It is important to note that any orders placed from September 1, 2023 onwards will be subject to the 2024 pricing. However, orders placed before this date will be price-protected, even if the delivery occurs after September 1.
Discontinuation of the Diesel Variant
The decision to axe the 2.2D diesel variant is a strategic move by Genesis to simplify its lineup and pave the way for the electrification of their vehicles. Despite being popular among some customers, the 2.2D accounted for less than five per cent of GV70 sales. Moving forward, Genesis will continue to offer the turbocharged 2.5-litre four-cylinder and twin-turbocharged 3.5-litre V6 engines in the GV70.
The Electrified GV70
While Genesis has not yet provided any details regarding changes to the 2024 Electrified GV70, it is expected that this variant will remain unaffected by the discontinuation of the diesel option. The brand has been committed to expanding its electric vehicle lineup and has set a target of selling only electric vehicles from 2030 onwards. It has also stated that it will not launch any new combustion-powered vehicles beyond 2025.
Success in Australia
The Genesis GV70, which was introduced to the Australian market in 2021, has quickly become the brand’s best-selling model in the country. During the year 2022, 499 units were sold, with 44 of those being the Electrified GV70 variant, which outsold the cheaper diesel option. Furthermore, by the end of July 2023, the GV70 had already surpassed its total sales for the entire calendar year 2022, selling a total of 634 units. This impressive performance has solidified the GV70’s position as a strong competitor in the luxury SUV segment, even outperforming notable rivals such as the BMW X3, Alfa Romeo Stelvio, BMW X4, and Maserati Grecale.
Editorial and Advice
The decision by Genesis to discontinue the diesel-powered GV70 and focus on petrol and electric models aligns with the global trend towards electrification in the automotive industry. As more countries implement stricter emissions regulations, automakers are under pressure to reduce their carbon footprint and offer more sustainable alternatives. By investing in electrification, Genesis is positioning itself as a forward-thinking brand and catering to the evolving needs and preferences of consumers.
While the price increase for the petrol models may be seen as a downside, it is important to acknowledge the rising costs of manufacturing and transport. Genesis has justified the price hike based on these factors, and it is ultimately a trade-off for the benefits that electrification brings, including reduced emissions and improved fuel efficiency.
For consumers considering purchasing a GV70, it is advisable to place orders before September 1, 2023, in order to take advantage of the price protection offered by Genesis. Additionally, with the diesel variant being discontinued, buyers will need to choose between the turbocharged petrol engines or the electrified option. It would be wise to evaluate the specific needs and driving patterns to determine which powertrain is most suitable.
Looking towards the future, the transition to electric vehicles is inevitable. As Genesis aims to offer only electric vehicles from 2030 onwards, consumers will have more options and opportunities to embrace sustainable mobility. However, it is important for automakers to continue improving charging infrastructure and addressing range anxiety to ensure a smooth transition to electric mobility.
Originally published as “2024 Genesis GV70: Prices up, diesel dead”
<< photo by Sam Pearce-Warrilow >>
The image is for illustrative purposes only and does not depict the actual situation.
