Localising the Ioniq 5 would enable it to compete better with affordable EVs from Tesla and the barrage of new models being deployed by GM and Ford
Hyundai has been outlined as one of the greatest threats to Tesla’s dominance in EVs. Its Ioniq 5 not only won the world car of the year award this year but it also forms the basis for cars like the Kia EV6 and the Genesis GV60. The Kia EV6 is even coming to India as Tesla is shelving its plans on entering the market. Now, doubling down on its focus on electric vehicles, Hyundai is committing to a new EV first factory in the US which the rumour mill points towards being in the state of Georgia.
Already, the South Korean giant has started production of the GV70 by Genesis in its factory in Alabama. Genesis is its premium luxury brand. Overall, Hyundai has announced an investment of $7.4 billion with a focus on electrification. A new EV factory has been on the cards for a while.
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Hyundai was negotiating incentive packages with the various governments of states. Georgia was already mentioned to be one of these states as Hyundai and Kia both have manufacturing facilities in the state.
“We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage,” said a Hyundai spokesperson confirming the new facility.
Hyundai is said to be in an advanced stage of discussions with officials in Georgia for the dedicated electric car factory. So far in the case of the Ioniq 5, it is only being produced in South Korea and Indonesia. It will also be manufacturing the Ioniq 5 in India. Localising the car in the US will make it more competitive with Tesla.
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Already the car has received a great response in the US. It is sold out for up to a year in some regions of North America. There are plans for bringing more cars under the Ioniq brand and even the Kia EV6 is doing quite well.
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