Genesis GV60 Magma Is Shockingly Cheap Despite Having 641 HP And A Drift Mode

As the luxury arm of Hyundai Motor Group, it would make sense that Genesis' take on the Hyundai Ioniq 5 N, the GV60 Magma, would cost a hell of a lot more than its more pedestrian sibling. But it doesn't, and I'm elated. Genesis just dropped the price of the long-awaited hot luxury EV, and it starts at an aggressively reasonable $71,495, including destination. That's just $9,995 more than the Ioniq 5 N. Shocking, I know.

You've also got to keep in mind that the delta between the two cars would have been even smaller if Hyundai didn't slash the Ioniq 5 N's price by $6,300 earlier in July. No matter how you look at it, the GV60 Magma is a hell of a deal. It's got an aggressive yet handsome look that's certainly a departure from the more boy-racer nature of the Ioniq 5 N. The standard Magma (read: Jalopnik) Orange paint certainly helps with this attitude, but if it's not for you, please feel free to choose from white, black or matte gray. On the inside, passengers are treated to Genesis' first performance-oriented front seats, as well as oodles of microsuede and Obsidian Black upholstery and Jalopnik orange accent stitching. There's even a unique digital gauge cluster, showing your (admittedly fake) tachometer and all of the other information you could ever want.

Further adding to the nearly head-scratching level of a deal that the 641-horsepower GV60 Magma presents is the fact it's actually cheaper than the 483-hp GV60 Performance AWD that's currently on sale, and that car is far less special. It starts at $73,370, including destination. It's not clear if Genesis is going to adjust the price of the Performance AWD to bring below the Magma, or if the Magma will replace it altogether — a Genesis spokesperson told us 2027 model year information about the rest of the GV60 lineup is coming soon. Currently, a rear-drive base-model 2026 GV60 is $54,020, and the Advanced AWD trim is $60,900.

Of course, some will argue that any price increase over the Ioniq 5 N is a waste of money, since underneath they're basically the same cars. Both make a combined 641 hp and 583 pound-feet of torque from their dual-motor setups, but the GV60 Magma has an extra little trick up its sleeve: Boost Mode. Activate it, and the Magma gives the driver an extra 15 lb-ft for hunting down slower drivers — very important in this day and age. Don't forget, it also has other goodies like a Drift Mode, Launch Control, and simulated shifts with virtual cockpit sounds.

Genesis

One thing that doesn't change between the two cars is the battery. Both draw from the same 84-kWh pack, though Genesis hasn't specified a range number just yet. That being said, we can glean some information from the Ioniq 5 N. The EPA rates that car at 221 miles of range, and it can recharge from 10 to 80% in about 18 minutes while DC fast charging at 350 kW.

The GV60 Magma is really looking compelling as hell, and we can't wait to get behind the wheel. Right now, there is a catch, however. The little electric crossover will initially only be available in three states: California, New York and God's favorite, New Jersey.