Hyundai-owned luxury brand Genesis has just launched a new base model for the 2024 Electrified G80, essentially reducing the price by $5,380.
Genesis Electrified G80 Advanced joins the lineup
Genesis officially introduced the all-electric Electrified G80 in 2021, according to Electrek. It hit the US market the following year, marking the brand’s first-ever e-sedan offering in the country.
What’s interesting about the Electrified G80’s update is the unusual price cuts for both trims. Car and Driver noted that most EVs often impose price hikes of at least $1000 every year.
In that sense, Genesis is likely cutting prices to ensure its competence against its competitors, particularly in the US market. It is also crucial for the brand, considering that the Electrified G80 also has no access to federal tax credits of up to $7,500.
Price cuts
At that time, the 282-mile 2023 Genesis G80 had a base price of $80,950. Now, the South Korean automaker added the new Advanced trim for the 2024 lineup, starting only at $75,570. It indicates a notable price cut of $5,380, enabling more customers to afford the high-tech EV.
It is worth noting that Genesis only offered one trim for the Electrified G80, the Prestige. Now, it has advanced as the top-tier trim above the new entry-level variant with a base price of $80,320. It also indicates a price cut of $630 from the 2023 version.
Here are the 2024 Genesis Electrified G80’s trims, along with their respective pricing:
| 2024 Genesis Electrified G80 trim | Starting price | Price cut (2023 vs. 2024) |
| Advanced | $75,570 | $5,380 |
| Prestige | $80,320 | $630 |
Genesis’ US portfolio
Genesis is accelerating its expansion efforts in the US amid the intensifying competition in the electric vehicle industry.
It currently sells three EVs for US-based customers, including the GV60, Electrified GV70 SUV, and Electrified G80 sedan.
All these models exist across 33 states as of October 2023. This expansion is a crucial part of the brand’s efforts to halt the sales of new gas-powered models by 2026.
Genesis has not yet disclosed more information about the Electrified G80’s new Advanced trim. However, reports suggest it will offer the same 365-horsepower AWD powertrain as the top-tier trim.
The EPA also estimates the new entry-level trim will enable the same driving range of up to 282 miles as the 2023 model.
Genesis’ move to offer price cuts is indeed a strategic move, considering the competitive pricing of its strongest rivals like Tesla. The Electrified G80 also exceeded the $55,000 price cap, disqualifying it from the IRA’s $7,500 EV tax credit. With the imminent arrival of the new Advanced trim, the model will have a more competitive position in the US market.
