Hyundai Eyes Profit Boost With Higher-Performance Genesis EV

Hyundai Motor Co. unveiled the first of several models under a new high-performance sub-brand as the South Korean automaker known for utilitarian mass-market cars looks to bolster profitability.

The electric GV60 Magma boasts as much as 650 horsepower and can sprint to 100 kilometers per hour (62 mph) in 3.4 seconds. It will be positioned above the existing Genesis GV60 Performance trim, which starts at $71,875 in the US.