Genesis will launch the GV60 Magma, a high-performance electric compact crossover sports utility vehicle, in Korea next year to mark the first Magma model to undergo mass production, Hyundai Motor Group's luxury auto brand announced at the 2024 Goodwood Festival of Speed in England's Chichester on Thursday.

According to the automaker, the sales of the GV60 Magma are expected to begin during the third quarter of next year in Korea and follow in Europe in the fourth quarter. The company plans to release the high-performance EV in other overseas markets later.

Genesis said the GV60 Magma will closely resemble the concept model it previously debuted at Genesis House New York in March this year.

"We are thrilled to present the global dynamic debut of the GV60 Magma concept at the 2024 Goodwood Festival of Speed," said Luc Donckerwolke, chief creative officer of Genesis.

"The festival’s storied legacy and enthusiastic audience provide an ideal platform to showcase the capabilities of our new Magma program and highlight our strong commitment to high performance."

Genesis showcased the GV60 Magma Concept, G80 Magma Special and X Gran Berlinetta Concept, all of which are part of the Genesis Magma program, at the global auto event.

Compared to the existing lineup of Genesis, the automaker said the production models of the Genesis Magma program will be equipped with specialized features to enhance the joy of sporty driving while ensuring effortless comfort.

Headlined by the three fundamental attributes of "Unspoken Dominance," "Captivating Control" and "Sharpened Immersion," Magma production models will exhibit a wider and lower body design, paired with exclusive chassis and suspension components that have been specifically engineered to elevate overall performance and provide an unmatched driving experience.

Genesis will compete in Shootout Sunday, a traditional hill climbing race to rank the fastest cars and drivers at the Goodwood Festival of Speed, for the first time with the GV60 Magma concept to exhibit its driving capabilities and turn of speed.