Genesis Sales Are Trending Up, but They Still Need Work
Genesis is becoming a thorn in the side of more established luxury automakers like Mercedes-Benz, Lexus, Audi, and others. The automaker’s models serve as direct rivals for some more established nameplates, but they often deliver better value prospects with more affordable prices and more features while delivering the same level of refinement. More people have apparently taken notice with Genesis’ numbers trending upward, but the automaker still has some catching up to do to rival their more proven competitors.
Genesis sales are improving, but still lag that of competitors
Sales figures gathered by GoodCarBadCar show Genesis is experiencing a positive start to 2023. The brand’s numbers were up 27% year-over-year for the month of May (5,605 units). Annual figures are also on the uptick with Genesis selling just under 25,000 units through the first five months of 2023, an increase of nearly 18% from this time last year.
These figures could be a positive harbinger for the brand, but they are still far behind those of more established luxury brands. Acura sold 13,705 models in May, 59% more than Genesis. During May, Volvo sold over 10,000 units, and Lincoln still edged Genesis with about 1,100 more models sold during the month despite Lincoln’s monthly and annual year-over-year numbers down compared to 2022. Lexus sales dwarf that of Genesis—about five Lexus models were sold for each Genesis moved in May.
Genesis is even farther behind German luxury automakers. BMW moved over 81,000 units in the first quarter of 2023 alone. Mercedes-Benz moved 73,779 units in the first three months of the year with Audi ringing in at 52,582.
Genesis looks to make its mark with EVs, SUVs
Genesis is far from a sales leader, but the automaker could effectively be taking a page out of the playbook of Lexus or Acura when those brands first began hitting the U.S. market.
Genesis is delivering stiff competition to its rivals in the segments in which it competes with high levels of refinement and performance that beget their asking price. Its models are also rich with standard features, which extends their value prospects as plenty of more established luxury automakers trap some desirable amenities in optional packages. Among the luxury ranks, Genesis is certainly delivering some of the best value for buyers’ bucks.
Of course, competing more fervently in the red-hot SUV class could certainly land more customers in Genesis’ camp. When the brand first debuted, it did so with a trio of sedans, but the automaker is now focusing more of its efforts on SUVs with the GV70 and GV80.
The Korean luxury automaker is also seeking to establish itself in the electric segment. In just the last two years, the brand has introduced the Electrified G80 midsize sedan, the Electrified GV70 SUV, and its first model designed as an EV from the ground up, the GV60 compact electric crossover.
Brand loyalty is also a hallmark of the luxury class, and as Genesis delivers more models and sells more of them, they are likely establishing future sales among those who will return to its dealers.
Though Genesis’ numbers are currently a blip on the radar when compared to its rivals, the brand’s increasing sales point to a positive future for the automaker, and its momentum could allow it to further eat into the lead against other luxury automakers in the long term.