The Genesis G70, Korea’s take on the ever-popular BMW 3 Series, looks set to be a one-generation wonder.
“Recently, there was an official announcement within the company that it officially halted the development of RN2 [the codename for the second-generation G70],” a source linked to the project told Korea JoongAng Daily.
In line with the brand’s stated ambition of only launching new cars with electric drivetrains from 2025, the second-generation G70 was being developed as an EV.
According to the English-language Korean newspaper, the second-generation G70 was set to be a substantially larger vehicle than today’s model, and its size would have put it uncomfortably close to the G80, the brand’s top-selling model.
Coupled with rapidly declining sales for the G70, and an accelerating preference for crossovers in all major markets, Hyundai has reportedly decided to pull the pin on the well-regarded sedan and wagon.
Launched in 2017 and facelifted in 2021, the Genesis G70 is based on the same rear- and all-wheel drive platform as the Kia Stinger, and is available with a choice of turbocharged four- and six-cylinder engines.
While the Stinger, at least in Australia, was pitched as a replacement of sorts for the Holden Commodore and Ford Falcon, the G70 was designed to take on the BMW 3 Series and Mercedes-Benz C-Class. To that end Genesis even developed a wagon variant, launched in 2021, to appeal to Europeans.
Initial sales of the G70, at least in South Korea, were strong with 16,975 being sold in 2019. Since then, though, numbers have tapered off dramatically, with only 6087 finding new South Korean homes in 2022.
Things are particularly dire in Europe where just 140 G70s were sold in the first four months of 2023.
Locally, the G70 isn’t faring much better. Just 94 were sold in 2022, well behind the Tesla Model 3 (10,877), Mercedes-Benz C-Class (3566), and BMW 3 Series (2818). It did manage to better the Jaguar XE (56), however.
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