Last year, Genesis launched the facelifted GV80 alongside the new GV80 Coupe. As the brand’s first-ever coupe-style SUV, it aimed to capture a slice of the rapidly growing global market for such vehicles. Upon release, the GV80 Coupe attracted considerable attention, thanks to its unique appeal compared to the standard GV80.
However, a year later, the GV80 Coupe’s sales have been underwhelming. Out of the 31,420 GV80 units sold this year, only 1,931 were Coupe models. Moreover, there are only 830 pre-orders pending. What’s behind the lack of popularity for this ambitious new model?
High Starting Price Deters Buyers
One of the primary reasons for the GV80 Coupe’s lackluster sales is its significantly higher price compared to the standard GV80. The base model starts at 69.3 million KRW, while the Coupe version is priced over 10 million KRW higher, at 82.55 million KRW. Though it’s common for coupe-style SUVs to be more expensive than their standard counterparts, the GV80 Coupe includes all-wheel drive (AWD), electronic limited-slip differential (E-LSD), and 20-inch wheels as standard, along with some exclusive features that further justify its premium price.
However, many consumers feel that these additional features do not necessarily warrant the price hike. Some customers would prefer the option to exclude certain features in exchange for a lower price, but Genesis hasn’t catered to this demand, which may be limiting the model’s appeal.
Strong Competition in the Coupe-SUV Market
Another factor affecting the Coupe’s popularity is the well-established competition in the coupe-SUV segment. BMW’s X6, a pioneer in this category, has been on the market for over 17 years, and Mercedes-Benz’s GLE Coupe is approaching its 10th anniversary. Even Audi’s Q8, a relatively newer entrant, has been available for more than six years. In comparison, the GV80 Coupe is a latecomer, entering a market already dominated by established models.
Coupe-SUVs typically attract a niche audience, so in order to compete with these popular models, the GV80 Coupe needs to offer distinctive features beyond its price tag. Unfortunately, many reviews have pointed out that it lacks significant innovation or differentiation, with some even criticizing its overall build quality.
Fading New Model Buzz
While the GV80 Coupe initially attracted attention, the excitement has faded after just one year. In contrast, competing models like the X6 and GLE Coupe, despite being more expensive, continue to sell well due to their brand strength and high-quality build. The GV80 Coupe, though positioned as a value-for-money option, doesn’t seem to provide enough of a reason for buyers to choose it over more premium, well-established rivals.
As a result, the initial buzz surrounding the GV80 Coupe has dissipated, and its sales figures are now on par with the BMW X6. While it has slightly outperformed the GLE Coupe, its sales as a percentage of overall GV80 sales remain notably low. Consumers appear to prefer more expensive but well-established models like the X6 and GLE, valuing brand power and build quality over the GV80 Coupe’s lower price.
Conclusion
The Genesis GV80 Coupe’s struggle in the market can be attributed to its high price point, stiff competition from established coupe-SUV models, and the fading appeal that often comes after the initial release of a new model. To regain traction, Genesis may need to reconsider its pricing strategy and focus on differentiating the GV80 Coupe from its competitors with more unique features and improved quality.