Genesis is reviewing a plan to broaden its sales base into the mass market by leading with a more affordable electric vehicle (EV).

On July 20, EV outlet Electrek reported that Genesis executives leading its European business are keeping open the possibility of launching an entry-level electric vehicle and are weighing its market potential.

The key issue is whether Genesis can step down from its existing high-priced lineup and target a broader customer base. Peter Kronschnabl (피터 크론슈나블), head of Genesis Europe, said in an interview with Autocar that the idea is "under evaluation" but stressed that nothing has been decided yet. He also said brands need to enter fast-growing segments to grow their customer base.

A model cited as a candidate is one based on Hyundai Motor's small electric hatchback Ioniq 3. Expectations are growing that Genesis could lower the entry price by using an existing EV architecture rather than developing a separate dedicated platform. The vehicle could reflect some design elements of the Genesis Mint Concept unveiled in 2019.

In that case, Genesis would maintain its electrification strategy while broadening its price range and vehicle classes. Genesis had planned to sell only EVs from 2025, but it is launching its first hybrid this year and plans to add its first range-extended electric vehicle next year. EVs remain at the center of its growth strategy, and a flagship three-row electric SUV GV90 is also expected to be unveiled by the end of 2026.

Genesis has also entered competition among high-performance brands. Hyundai Motor Group is targeting the high-performance market where Mercedes AMG and BMW M compete through its Magma program. If an entry-level EV is added, Genesis would expand its portfolio into high performance, large electric SUVs and mass-market electric vehicles.

Genesis said it will not chase short-term trends. Kronschnabl said that even if there are niche opportunities like a premium pickup truck, that is separate from whether it is a market the company should actually enter. He judged that having a small opportunity does not necessarily become a driver of long-term growth. He described Genesis' growth strategy as "not a sprint but a marathon."

That standard applies to its review of a new EV as well. Genesis said it already has a product lineup that can steadily grow the brand, and it viewed the long-term perspective as more important than short- or mid-term opportunities. Therefore, even if a small electric car leads to an actual launch, it is more likely to be a project weighing brand expansion and profitability together rather than a model aimed simply at price competition.

The Ioniq 3, which could serve as the base, uses Hyundai Motor's dedicated EV platform E-GMP. In Europe it is sold with two battery options, 42.2 kilowatt-hour (kWh) and 61 kWh, and the maximum driving range under the WLTP standard is 344 km and 496 km, respectively. It shares its roots with the Genesis GV60 but uses a 400-volt system instead of 800 volts to cut costs. In the UK, the starting price for the base model is 22,245 pounds, or about 44.1 million won.

Market trends also align with Genesis' review. Other premium brands such as Audi, BMW and Mercedes are also preparing to expand into the mass market with cheaper EVs over the next few years. If Genesis launches an Ioniq 3-based entry-level EV, lower-end price competition among premium brands in the EV market is expected to intensify.