Hyundai Motor Co. has announced that the Genesis GV70 EV will be produced at the firm’s Montgomery, Alabama plant. Therefore, the GV70 EV will be the first ever electric Hyundai / Kia built in the US. Genesis, Hyundai’s luxury sub-brand, unveiled the GV70 last year. Currently only diesel or petrol engines are available for the GV70, with the fully electric version coming next year.
Many were surprised by Hyundai’s decision to start producing EVs in the US, but sources indicate they did so to tap into the ever-growing American EV market. The firm wants to directly target American consumers and believes the best way to do so is initially through the GV70 EV. Other electric models such as the GV60 (which shares a platform with the Hyundai Ioniq 5 and Kia EV6) will follow soon after.
Hyundai plans to invest $7.4 billion into their US business operations between now and 2025. Part of this investment will go directly into their Montgomery plant in order to prepare it for the electric era, meanwhile other undisclosed amounts will interestingly go into robotics and urban air mobility.
Since launching in the US in June, the ICE GV70 has been performing strongly from a sales perspective. The mid-sized SUV starts at a very reasonable $41,000 – although expect the electric version to be significantly more. A full reveal of the GV70 EV should take place in the next month or two ahead of first deliveries early next year.
Source: Business Korea
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