Localizing the Ioniq 5 will enable it to better compete with Tesla’s affordable EVs and the barrage of new models being deployed by GM and Ford.
Hyundai has been highlighted as one of the biggest 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 Genesis GV60. The Kia EV6 is also coming to India as Tesla is shelving its plans to enter the market. Now, turning its attention to electric vehicles, Hyundai is committed to factory firsting a new EV in the US, which the rumor mill points to be in the state of Georgia.
Already, the South Korean giant has started production of the GV70 by Genesis at 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 now.
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Hyundai was negotiating a stimulus package with various state governments. Georgia was already mentioned as one of these states as both Hyundai and Kia have manufacturing facilities in the state.
A Hyundai spokesperson confirmed the new feature, saying, “We’re excited to announce a new EV plant plan in the United States soon, but we don’t have details to share at this stage.”
Hyundai is said to be in an advanced stage of discussions with officials in Georgia for a dedicated electric car factory. In the case of the Ioniq 5, so far it is being produced only in South Korea and Indonesia. It will also manufacture the Ioniq 5 in India. Localizing the car in the US will make it more competitive with Tesla.
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This car has already got a great response in the US. It is sold for up to one year in some areas of North America. There are plans to bring more cars under the Ioniq brand and even the Kia EV6 is doing quite well.
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