Hyundai celebrates its first electric vehicle assembled in the US on Tuesday. It is the Genesis Electrified GV70 EV, the South Korean brand’s model that is constructed outside of the country for the first time. As the auto industry undergoes significant changes, the automakers are aiming for larger markets, capturing the EV market.
The Hyundai Motor Company, including the Genesis and Kia brands, surpassed General Motors, Nissan, and Stellantis in sales volume last year, making it the third-largest automaker globally, behind only Toyota and Volkswagen. Despite early success with EV models like the IONIQ 5 and Kia EV6, Hyundai believes it has an advantage moving forward.
Hyundai announced plans to build a $5.5 billion EV plant in Bryan County, Georgia, last May, its first in the US. Construction was initially slated for early 2023, but after the Inflation Reduction Act was passed, it stoked a sense of urgency as Hyundai broke ground this past October, with production expected to begin in 2025. In the meantime, Hyundai shared its plans to begin manufacturing its Genesis GV70 SUV at its Montgomery, Alabama, facility alongside its ICE predecessor as the shift to EV manufacturing begins.
EV built in the US
The first US-built Genesis GV70 Electrified SUV rolled off the assembly line Tuesday as public officials stood by to observe the EVs battery being installed. Hyundai Motor Manufacturing Alabama president and CEO said, “Hyundai Motor Group has set a clear direction for the organization’s future mobility solutions that include innovative designs propelled by batteries or hydrogen fuel cells.”
The Genesis GV70 is the brand’s third EV, following the GV60 SUV launched in 2021 and the all-electric G80 executive sedan that arrived last year. Hyundai Motor Noth America COO Claudia Marquez says the GV70 “represents two important milestones” as it grows its zero-emission electric portfolio and expands assembly capabilities to the US. The 2023 Genesis Electrified GV70 will start at $65,850 and comes equipped with dual 160 kW front and 160 kW rear motors, a 77.4 kWh lithium-ion battery, and 400V/800V multi-charging. Genesis has already committed to an all-electric vehicle lineup by 2030, with all new models launched after 2025 being electric.
After investing heavily in electric vehicles in recent years, the GV70 marks a significant milestone for Hyundai as it expands its production network. The GV70 is poised to make a splash in the EV market competition against luxury EVs in the US, such as the Rivian R1S (MSRP from $73,000), BMW iX ($85,000), Audi e-tron ($70,800), and several others.