BMW M and Mercedes-AMG have a new rival - provided it can gain traction.

Hyundai’s luxury arm, Genesis, launched its first production performance car last week in Canberra: the GV60 Magma.

Following the playbook of its German rivals, it takes the standard GV60 electric SUV and turns up the wick with a loud body kit, lower, wider stance, and a lot more power.

It also inherits some of the clever party tricks we’ve seen in Hyundai’s electric Ioniq 5 N - namely simulated gear changes, synthetic exhaust notes, and a dedicated "Drift Mode".

We’ll have a full review out shortly, but here’s what you need to know about Magma.?

Where did Magma come from?

For those who haven’t heard of the brand yet (not surprising, given its tiny Australian sales footprint), Genesis was created in 2015 as Hyundai’s premium challenger to Audi, BMW, Mercedes, and Lexus.

Magma is their play for serious performance credibility.

In late 2024, Hyundai announced its official endurance racing team, Genesis Magma Racing, wearing a vibrant hero orange. The team is currently earning its stripes at the FIA World Endurance Championship in 2026, with its sights set next on the IMSA Sports Car Championship in 2027, using the GMR-001 Hypercar.

The GMR-001 Hypercar Genesis is using to tackle the World Endurance Championship. Photo: Genesis Australia.

From there, Genesis teased its production ambitions with various concepts, including the gorgeous V8-powered Magma GT.

"The Magma concept represents the pinnacle of our performance vision and stands as a symbol of our commitment to true motorsport capability," Genesis said at the time.

The Genesis Magma GT Concept. Photo: Genesis Australia.

?Will they ever make that sleek two-door?

"I mean, it's certainly a good time to be a test driver," one executive hinted to CARBIDS at last week's event.

Genesis plans to eventually offer a Magma version of virtually every model in its lineup, including the G80 sedan and GV80 SUV. But for now, they start with this.

What is the GV60 Magma?

Priced from $130,000 (plus $4,000 if you want matte paint), the GV60 Magma positions itself right alongside a base-model electric Porsche Macan.

It's set apart from the standard GV60 with a wider track, lower ride height, more aggressive design including front canard, Airbus-wing-sized rear spoiler, and exclusive "Magma Orange" paint option. Inside, you get bucket seats, suede upholstery, and a bright orange "Magma" button on the steering wheel to trigger Sprint and GT modes.

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And in an attempt to rival the sounds and vibrations of internal combustion, the Virtual Gear Shift setting lets you use the steering wheel paddle shifters to go through simulated gears - complete with the jolts, rev-limiter bounce and "engine" braking. 

This is paired with an Active Sound Design, which pumps synthetic high-revving V6 or V8 engine notes through the cabin to match your "gears." (You can hear it outside too, but only at speed.)

Will it sell?

Genesis sales in Australia remain tiny. According to VFACTS data, the brand sold just 1,602 units last year - mostly driven by the mid-sized GV70 SUV. The standard GV60 barely blipped on the radar, finding just 15 buyers.

To combat this, the brand is opening new "showcase" dealerships across the country, including in the ACT, and hoping the Magma halo effect will elevate the entire brand.

"Having that halo car... I have no doubt we're going to see a year-on-year improvement," Genesis Motors Australia head Justin Douglass said.

"I have no doubt there's going to be comparisons made. I think Porsche's going to be in the consideration set, Audi RS ... So I think one of the biggest benefits is the price position of this car. I'm really excited to see what Magma is going to do for us."

The Genesis GV60 Magma costs from $130,000. Photo: Genesis Australia.

But is it just a rebadged Hyundai Ioniq 5 N in a tuxedo? Genesis says no, pitching the Magma as a slightly more mature, daily-driveable prospect.

"They share a platform, but beyond that, they don't actually share a lot. They are different design teams, different targets, different philosophies, and different benchmarks," a Genesis Magma executive said.

"Certainly, there's a little less [track] focus there ... but it's still really rewarding."

Stay tuned for our full review of the Genesis GV60 Magma.