Genesis is weighing up a small premium electric car as it plots the next phase of its growth in Europe, opening the door to a posh compact EV that would take on the likes of the Volvo EX30 and Mini Aceman in the UK.
The Korean brand’s line-up currently bottoms out with the 4.5-metre GV60 crossover, leaving a sizeable gap beneath it. Filling that space would mirror parent company Hyundai, which is gearing up to launch its own compact EV, the Ioniq 3 hatchback, in the mainstream market.
Genesis has dipped a toe in these waters before. Back in 2019 it wowed the New York show crowds with the Mint concept, a dinky two-seat electric city car that never made production but proved the brand could do small and luxurious at the same time.
Speaking about where Genesis goes next, Europe boss Peter Kronschnabl confirmed the company is actively studying new segments to broaden its customer base.
Asked directly whether that could mean smaller models, Kronschnabl said: “We’re evaluating this still but [have] nothing to confirm.
“For sure, for a brand that is evolving, we need to look at fast-growing segments where we might need to be present in order to nurture customers.”
That is a telling admission at a time when small electric cars are among the fastest-growing corners of the UK market, with premium players so far largely absent below crossover size.
No premium pick-up, then?
Do not expect Genesis to pile into every gap in the market, though. Kronschnabl was clear that any new segment must offer long-term, sustainable growth rather than a quick win.
“There are some niches,” he said. “For instance, there’s not a real premium pick-up truck. But is that a segment you should enter?
“So there are segments where maybe there is white space but they don’t make sense [for us].
“You need to be very careful when you look into this white space and not just go there because you believe there is a short-term opportunity.”
Asked whether that means every product decision is taken with a long-term view, Kronschnabl described the Genesis project as “a marathon not a sprint”.
“We have to have the right products in order to continuously grow the brand,” he added. “Therefore the long term is more important than the medium term.”
The timing is intriguing. Hyundai has confirmed the Ioniq 3 goes on sale in Europe with a choice of two batteries, giving the group a ready-made compact EV platform that a plusher Genesis version could, in theory, sit upon.
Genesis is saying nothing official on that front. But with the brand hunting fresh customers and small premium EVs gathering pace, a production successor to the Mint might make more sense now than it ever did in 2019.
