Demand for Genesis GV60 SUV Steady Despite Price Hike

  • By Ryu Jung

    December 19, 2022 11:47

    Genesis on Friday released the latest version of the GV60 electric SUV and raised its price tag by a hefty W5.03 million (US$1=W1,305).
    Demand for EVs had been steady thanks to substantial discounts, so the luxury automaker felt emboldened to reflect rising prices of batteries and automotive chips.
    The latest version contains as regular features facial-recognition door locks and other functions that were optional before, bringing the rear-wheel-drive model's price tag from W59.90 million to W64.93 million and the four-wheel drive's to W68.36 million, up W3.77 million.
    The government now subsidizes only EVs costing less than W55 million, but orders for the GV60 have not declined and customers were not even put off by having to wait a year until they get their car.
    Tesla also hiked the price of its cheapest Model 3 by W18 million since 2019 to W70.3 million. One industry insider said, "Over the last year, the price of the battery for the GV60 rose by more than W3 million, and EVs require more chips, which limits how many new cars can be produced."
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