Updated 2026 Genesis GV60 receives substantial price drop with new rear-wheel drive variant to rival BMW iX3 and Zeekr 7X

Genesis Australia has officially unveiled the updated version of its GV60 small electric SUV.

It will start from $88,300, before on-road costs, which represents a substantial price drop compared to outgoing variants, wearing price tags of more than $100,000.

The key reason for the reduction is the fact the GV60’s base model is rear-wheel drive, as opposed to all-wheel drive.

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It will closely rival the BMW iX1 and iX2, with those models also receiving substantial price drops, now coming in slightly cheaper than the GV60, and both have AWD.

Price drops are a continuing trend in this segment with the Volvo EX40 now available from under $50K.

It will also provide competition to the Zeekr X.

There have been some significant upgrades to the new GV60, including an improved 84kWh battery, now offering a driving range of 561km (WLTP).

2026 Genesis GV60

DC fast charging for the car from 10 to 80 per cent now takes 18 minutes, courtesy of an 800-volt platform.

There is also a new front bumper to reduce the drag co-efficient to a slippery 0.28 on the GV60, according to Genesis.

The car’s single electric motor produces 168kW, which is somewhat of a downturn on the 234kW available on the outgoing base variant of the car.

2026 Genesis GV60

On the inside, the GV60 has a combined 27-inch digital driver display and central touchscreen as well as wireless phone charging capabilities.

In addition to this new model of the GV60, there will be a performance-focused Magma version.

Some details are confirmed for the Magma variant including outputs of 448kW/700Nm and an all-wheel drive driveline.

2026 Genesis GV60

This is substantially more than the outgoing Lux Performance variant's 360kW/700Nm.

We also know it will have an electric limited-slip differential, drift mode and a virtual gearshift system, likely similar to the Hyundai Ioniq 5 N's.

More information on the Magma GV60 is expected to be revealed closer to the line-up’s official launch in June.

2026 Genesis GV60 pricing Australia