Genesis And Lucid Rumored To Join Forces On EV

Matt Posky
by Matt Posky

South Korean media is reporting that Hyundai Motor Company will be purchasing electric motors from Lucid for future all-electric vehicles. The units are supposedly going to be installed into Genesis products as a way to ensure its EV technology is on the cutting edge.

The Sisa Journal was the first to report the news in Asia, with AutoBlog relaying the information to Western audiences. While this remains little more than a rumor, there has been some circumstantial evidence to support the claim.

Hyundai CEO Jang Jae-hoon was allegedly spotted visiting Lucid's headquarters in Newark, California earlier this year. Chairman Chung-Eui-sun has made at least one appearance there, too. We also know that Lucid vehicles have been spotted testing in South Korea despite the company not yet selling on that particular market.

There are plausible explanations to the above that have nothing to do with selling motors. For example, Lucid is known to be buying a bevy of new parts from Korean suppliers and may simply be testing them nearby. Hyundai is likewise fairly competitive in the all-electric space, making it a little harder to understand why it would be looking for additional help. However, having a CEO visit a rival company is usually a signal that something serious is under discussion.

From AutoBlog:

We know Hyundai's throwing huge resources at developing in-house platforms and motors, so why would it potentially make a deal with Lucid? SJ says Genesis is aiming to release the production version of the Genesis X Convertible Concept onto the market by 2026. That's the droptop company execs reportedly previewed to dealers in January 2023 with Bentley in its sights. Now only two years away, SJ writes that Genesis saw the finish line looming and decided that "application of Lucid's high-performance electric motors is relatively efficient in terms of time and cost." The fact that Lucid's motors have proved themselves in terms of refinement, range, and output in a luxury segment where Genesis wants to play would also work in favor of a theoretical collaboration.
The report also said part of the fine-toothed work includes "ironing out details such as the pricing of the electric motors and the specific models they will be integrated into," hinting the power units could end up in more than just the convertible.

As of now, Hyundai has said it’s unable to confirm anything. But the Sisa Journal cited a South Korean industry source who confirmed that top-level Hyundai’s CEO had indeed teamed up with Luc Donckerwolke (president, and chief creative officer of Hyundai Motor/Genesis) to discuss business with Lucid’s top brass. The source even alleged that they had seen a photo of the resulting meeting and that the details of the trip were shared with chairman Chung Eui-sun.

[Image: Hyundai]

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Matt Posky
Matt Posky

A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.

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  • Probert Probert on May 30, 2024

    Most KIA/Hyundais are based on the e-gmp modular platform, but not all, and that's where I see Lucid's drivetrain coming in. It is arguably the most efficient, powerful and importantly, compact drivetrain in the business. A car like the Genesis G80 or GV70, which are derived from ICE cars, could benefit from these characteristics as batteries and motors are shoehorned into the chassis.

  • Varezhka Varezhka on May 30, 2024

    Probably another way to spread the EV manufacturing risk, especially with the ever changing tariff and tax credit/subsidy situation all over the world. With enough shared engineering it will be easier to share production capacity between the two companies.

  • VoGhost Fantastic work by Honda design. When I first saw the pictures, I thought "Is that a second gen Acura NSX?"
  • V16 2025 VW GLI...or 2025 Honda Civic SI? Same target audience, similar price points. Both are rays of sun in the gray world of SUV'S.
  • FreedMike Said this before and I'll say it again: I'm not that exercised about this whole "pay for a subscription" thing, as long as the deal's reasonable. And here's how you make it reasonable: offer it a monthly charge. Let's say that adaptive headlights are a $500 option on this vehicle, and the subscription is $15 a month, or $540 over a three year lease. So you try the feature for a month, and if you like it, you keep it; if you don't, then you discontinue it, like a Netflix subscription. In any case, you didn't get charged $500 up front the feature. That's not a bad deal.In my case, let's say VW offers an over the air chip reflash that gives me another 25 hp. The total price of the upgrade is $1,000 (which is what a reflash would cost you in the aftermarket). If they offered me a one time monthly subscription for $50 to try it out, I'd take it. In other words, maybe the news isn't all bad.
  • 2ACL A good car, but - at least in this configuration -not one that should command a premium. Its qualities just aren't as enduring as those of Honda's contemporary sports cars. For better or worse, this is a formula they remain able to replicate.
  • Jalop1991 I just read that Tesla's profits are WAY down "as the electric vehicle company has faced both more EV competition from established automakers and a slowing of overall EV sales growth." This Cadillac wouldn't help Tesla at all, but the slowing market of EV sales overall means this should be a halo/boutique car. Regardless, yes, they should make it.