Genesis GV60, Kia EV6 or Hyundai Ioniq 5? Which Korean electric car has better stock, and how will Genesis keep people from buying the cheaper EV models?

The highly anticipated Genesis GV60 EV has sold out before it has even rolled into Genesis stores in Australia.

It was always going to be hot property, given it shares its underpinnings with the wildly popular Hyundai Ioniq 5 and Kia EV6 twins, but it seems like even Genesis Australia brass are surprised by the GV60’s popularity Down Under.

The Hyundai Group-owned premium marque confirmed that it has already sold more than 100 examples of the GV60, out of an approximate allocation of 150 for 2023.

With pricing ranging from $103,700 before on-road costs for the AWD and topping out at $110,700 for the Performance AWD, the GV60 is some $30,000 pricier than the base model Ioniq 5, while the EV6 GT-Line AWD is about $16,000 cheaper than the GV60 AWD that has essentially the same powertrain.

According to head of Genesis Australia, Connal Yan, the company has its hands up high for more GV60 stock, but as with most other carmakers, it is hampered by parts shortages and supply chain issues.

“Those numbers are indications, because at the end of the day, it's a floating situation. There are no fixed numbers basically at the moment, but we keep asking [Genesis HQ] because we try to fulfil the customer demand as soon as we can,” he told CarsGuide.

Mr Yan also said it was “too early to speculate” about what the Australian GV60 allocation will be for 2023, which makes determining wait times tricky.

When pressed on what the wait time was for a GV60 if a customer ordered one today, he was coy, but said it would be “at least” six months.

Mr Yan ruled out following sister brand Hyundai’s strategy of releasing batches of the Ioniq 5 for sale on its consumer website each time the company has visibility over its incoming supply. Instead, as a premium brand, he said the company would take a more personalised, targeted approach.

“Different products lead to different target groups and different approaches. Because you can imagine the Ioniq 5 customers would be more closer to Tesla customers, which is very tech savvy. They order everything online. For our customers, I don't think the demographic will be exactly the same. And I think they would appreciate this personal touch.”

The last time Hyundai released another batch of Ioniq 5s online was in August, with 135 examples snapped up fast by keen buyers.

Given the similarities in the three models - GV60, Ioniq 5 and EV6 - spun off Hyundai Group’s e-GMP electric vehicle platform, Mr Yan said he expected some crossover of buyers across the three EVs, but added that was not a concern.

“I'm sure people will cross shop, because of the supply shortages. Having said that, right from the design of the product they are quite distinctly different, and also I think we are positioned in a very different segment as well.

“So yeah, we believe there would be people cross shopping among the three products, but then that's not something that we are overly concerned about, because the product itself was quite different. And it drives differently, it not only looks different.”

Another model that Mr Yan is not worried could eat into GV60 sales, is the other Genesis electric medium-sized SUV, the Electrified GV70.

Priced from $127,800 before on-road costs, the GV70 EV hits Australian shores in late September.

Mr Yan sees the GV60 appealing to different buyers than the Electrified GV70, given their different underpinnings and designs.

“GV60 is the first full EV with no ICE (internal combustion engine) variant. So therefore, I think the target audience will be people who are after full EVs - Ioniq 5, EV6, Tesla, Polestar.

“GV70 on the other hand, is an additional top of the range variant for an existing model. So therefore, automatically you would have customers that are already an ICE customer for competitor brands. Let's say not too different from ICE GV70 prospect.”

This month Genesis is launching three EVs, kicking off with the GV60, as well as the Electrified G80 sedan and then the Electrified GV70 SUV.

The Korean premium brand has previously announced that all models it launches after 2025 will be fully electric and the brand won’t have any ICE cars in its portfolio from 2030 on.