Hyundai Takes a Big Step to Ramp Up EV Production

The South Korean electric vehicle maker has good news about prices for its EVs.

The competition for electric vehicle production in the U.S. is growing as EV makers open more assembly plants and produce and sell more EVs.

Tesla  (TSLA) - Get Free Report is by far the leading producer of electric vehicles having set a record with 1.37 million EVs produced in 2022. The company has set a goal to produce 20 million EVs a year by 2030.

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The EV manufacturer's assembly plants in Austin, Texas, and Fremont, Calif., have the combined production capacity of 900,000. The company's Shanghai manufacturing plant has a 750,000 vehicle production capacity, while its German factory has a 250,000 vehicle capacity.

Tesla is expanding further as it plans to build a $3.6 billion battery and Tesla Semi truck manufacturing plant in Northern Nevada, The White House confirmed on Jan. 24.

Ford  (F) - Get Free Report sold 61,575 all-electric vehicles in 2022 and has said it plans to have 40% to 50% of its global vehicle volume to be fully electric by 2030. The company produces vehicles at its Dearborn, Mich., facility and is building its Blue Oval City assembly plant in Stanton, Tenn., which it plans to open in 2025.

General Motors  (GM) - Get Free Report sold 39,096 EVs last year and has targeted 50% of its new vehicles sold by 2030 to be zero-emissions vehicles. It currently builds vehicles at its factories in Detroit and Spring Hill, Tenn.

South Korean EV manufacturer Hyundai is ramping up production as it last October broke ground on a $5.5 billion plant located along I-16 in Bryan County near Savannah, Ga., and would employ about 8,500 people.

Hyundai Rolls its First EV Off a U.S. Assembly Line

Hyundai's plans to build its plant in Georgia comes on the heels of Rivian's December announcement that it plans to build its second U.S. plant in Georgia with production slated to begin in 2025.

Hyundai is giving Tesla, Ford and GM some fierce competition as it sold 175,000 all-electric vehicles in 2022, a 56% increase year-over-year, including 24,000 in December.  

The South Korean EV maker had a lot to celebrate on Fat Tuesday when it rolled its first EV ever off a U.S. assembly line on Feb. 21, as it began making its Genesis GV70 all-electric SUV at its plant in Montgomery, Ala., Electrek reported.  The GV 70 is the luxury brand's first model constructed outside South Korea.

Ioniq 6 Will Have a Competitive Price

Hyundai also manufactures the Ioniq 5 and the Kia EV6 all-electric vehicles and will debut its new Ioniq 6 in the U.S. in the spring. When the Ioniq 6 hits the showrooms, the price of the new model will be stiff competition for Tesla and other EV sedan makers, as it just revealed the manufacturer's suggested retail price of $41,600, according to its website.

The Ioniq 6, which is promoted by actor Kevin Bacon in its TV commercials, gets up to an EPA-estimated 361 miles on a single charge, according to its website. The EV  has standard ultra-fast charging capability which lets owners charge up to 80% in as little as 18 minutes with a 350-kW, 800V charger. The company claims the car is its most aerodynamic thanks to its active air flaps, covered underbody, and rear wing.