Alabama Plant Releases Its First GV70 EV
Hyundai Motor Group initiated electric vehicle (EV) production in the United States. Hyundai Motor Manufacturing Alabama released its first GV70 EV on Feb. 21 and it became the first Genesis car produced outside South Korea.
The group is increasing EV production lines at its existing plants in the United States. This is because U.S. EV subsidies are limited to EVs finally assembled in the United States according to the U.S. Inflation Reduction Act.
The act stipulates that the subsidies are for passenger cars priced at US$55,000 or less and SUVs, vans and pickup trucks priced at US$80,000 or less. The GV70 EV is classified as an SUV and its local price is US$65,850 or US$72,650.
The group is building an EV plant in Georgia to open it in 2025. At the same time, it is increasing EV production at existing plants as mentioned above. Kia is planning to initiate EV6 and EV9 production in the United States next year.