Buoyed by the Ioniq 5 release, Hyundai looking to expand its electric cars production in America
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Hyundai recently revealed the price and trim levels of its 2022 Ioniq 5 model and the Ioniq got certified for 300+ miles of range on a charge in the demanding EPA test routine. Ranging in price from US$39,700 to US$54,500, the Ioniq 5 is well-positioned to be a sales success in America, considering what's on offer compared to the more expensive Tesla cars. To meet the anticipated demand, Hyundai may be looking into expanding its EV production capacity in the U.S. with a new plant in Tennessee, or by retrofitting lines in its current factories in Georgia and Alabama. The decision hasn't been finalized yet, tip Korean industry sources, as Hyundai Motors is mulling its options.
The so-called Sunbelt region is home to plenty of other car factories from GM, Ford, VW, Nissan, and others, on account of its liberal unionization requirements. President Biden's administration, however, is looking favorably at investments that are pro-labor and may be subsidizing carmakers registered to the United Auto Workers Union. Moreover, the vehicle manufacturing clusters in Alabama and Georgia are currently experiencing a shortage of skilled labor given all the factory concentration there, so Hyundai may ultimately go with the new plant in Tennessee, as it was considering back in 2011. Hyundai has earmarked US$7.4 billion for production expansion in America by 2025 and plans to release no less than seven EV models in the U.S. in 2022 when you add the Kia and Genesis brands, so a new factory will bring it closer to the U.S. electric car buyer.