Marking a huge milestone for the South Korean automaker, Hyundai celebrated its first electric vehicle assembled in the US Tuesday. The Genesis Electrified GV70 EV is the luxury brand’s first model constructed outside South Korea as the automaker moves toward an electric future.
As the auto industry undergoes one of the most significant transformations throughout its history, Hyundai looks to solidify its position in the electric future.
Despite early success with EV models like the IONIQ 5 and Kia EV6, Hyundai believes it has an advantage moving forward.
Hyundai announced plans to build a $5.5 billion EV plant in Bryan County, Georgia, last May, its first in the US. Construction was initially slated for early 2023, but after the Inflation Reduction Act was passed, it stoked a sense of urgency as Hyundai broke ground this past October, with production expected to begin in 2025.
In the meantime, Hyundai shared its plans to begin manufacturing its Genesis GV70 SUV at its Montgomery, Alabama, facility alongside its ICE predecessor as the shift to EV manufacturing begins.
According to a report from Alabama.com, the first Genesis EV model rolled off the production line Tuesday, marking a new era for both Hyundai and Genesis in the US.
Hyundai’s first EV built in the US
The first US-built Genesis GV70 Electrified SUV rolled off the assembly line Tuesday as public officials stood by to observe the EVs battery being installed.
Hyundai Motor Manufacturing Alabama president and CEO said at the news release:
Hyundai Motor Group has set a clear direction for the organization’s future mobility solutions that includes innovative designs propelled by batteries or hydrogen fuel cells.
The Genesis GV70 is the brand’s third EV, following the GV60 SUV launched in 2021 and the all-electric G80 executive sedan that arrived last year.
Hyundai Motor Noth America COO Claudia Marquez says the GV70 “represents two important milestones” as it grows its zero-emission electric portfolio and expands assembly capabilities to the US.
The 2023 Genesis Electrified GV70 will start at $65,850 and comes equipped with dual 160 kW front and 160 kW rear motors, a 77.4 kWh lithium-ion battery, and 400V/800V multi-charging.
Genesis has already committed to an all-electric vehicle lineup by 2030, with all new models launched after 2025 being electric.
Electrek’s Take
After investing heavily in electric vehicles in recent years, the GV70 marks a significant milestone for Hyundai as it expands its production network. The GV70 is poised to make a splash in the EV market competition against luxury EVs in the US, such as the Rivian R1S (MSRP from $73,000), BMW iX ($85,000), Audi e-tron ($70,800), and several others.
Hyundai plans to become a leader in the EV market as it aims to capture 7% of the global EV market by 2030.
The South Korean automaker announced yesterday that prices for its “electrified streamliner” IONIQ 6 sedan would start at $41,600 (+$1,115 delivery charge), which is also slated to play an integral role as the company transition to an electric future.
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All-electric aircraft developer BETA Technologies has shared another important milestone in bringing its first two vessels to market. Most recently, BETA’s founder, CEO, and test pilot Kyle Clark took the production version of its ALIA eCTOL up for its first flight, as seen in the video below.
BETA Technologies is a fully integrated electric aircraft and systems developer based in Vermont. Three years ago, it debuted its first electric vertical takeoff and landing (eVTOL) aircraft, the ALIA–250. That BETA vessel has since been renamed the ALIA VTOL and completed a piloted test flight transitioning mid-air this past April.
In addition to the ALIA VTOL, BETA has also been developing an electric conventional takeoff and landing (eCTOL) plane called the ALIA CTOL. To date, it has flown tens of thousands of test miles en route to evaluation flights for FAA certification. That aircraft is targeting full approval for commercial operations by 2025.
As BETA moves closer to bringing the ALIA CTOL to the public, it has completed its first bonafide production build in South Burlington. Following a Special Airworthiness Certificate from the Federal Aviation Administration (FAA), BETA has successfully taken its production-ready ALIA CTOL up for a test flight, piloted by its founder and CEO.
Watch BETA’s founder complete a CTOL test flight
BETA Technologies shared details of its first successful production CTOL test flight today alongside the images above and the full video below.
Once the production-intent build of the ALIA CTOL was complete, the FAA inspected the aircraft for safety and compliance before granting BETA a Multipurpose Special Airworthiness Certificate for Experimental Research & Development, Market Survey, and Crew Training, signing-off approval for test flights.
On November 13, BETA CEO, founder, and test pilot Kyle Clark conducted the first test flight of the ALIA CTOL aircraft, which lasted nearly an hour. The test included a conventional runway takeoff before the aircraft climbed to 7,000 feet.
While in the air, Clark tested the aircraft’s handling qualities, stability, control test points, and initial airspeed expansion before completing several approaches ahead of a normal landing. Clark spoke following the successful flight:
This start of our production CX300 flight test campaign is a result of years of hard work and focus on studying customer requirements, hard engineering, manufacturing, production, quality and test. It represents a significant milestone for BETA, and is the beginning of an exciting new phase for the business. With this, we’re one step closer to putting this technology into the hands of our customers.
We learned a lot from this first production build. We weren’t just building an aircraft company, we were building and refining a system to build high quality aircraft efficiently. This first build allowed the team to collect data and insight on manufacturing labor, tooling design, processes, yields and sequences, all of which are being used to refine our production systems.
With its production test flight campaign now underway, BETA says it will continue testing the ALIA CTOL aircraft for the standard 50 hours required before qualifying for a Market Survey and Crew Training certificate. That next certificate will enable BETA to fly outside of Burlington and Plattsburgh and continue training additional pilots on the aircraft.
The company shared it will also continue production of additional aircraft, including ALIA CTOL and ALIA VTOL configurations, the latter of which was recently teased in October. You can view footage of BETA’s CTOL flight below.
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Crude oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 per barrel, though the market outlook remains bearish.
Global crude supplies are expected to outstrip demand by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency’s monthly market report.
Here are today’s energy prices by 8:07 a.m. ET:
West Texas Intermediate December contract: $68.92 per barrel, up 49 cents, or 0.7%. Year to date, U.S. crude oil is down more than 3%.
Brent January contract: $72.78 per barrel, up 50 cents, or 0.7%. Year to date, the global benchmark is down more than 5%.
RBOB Gasoline December contract: $1.9711 per gallon, up 0.3%. Year to date, gasoline has fallen nearly 6%.
Natural Gas December contract: $2.966 per thousand cubic feet, down 0.6%. Year to date, gas has gained nearly 18%.
UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world’s largest crude importer.
OPEC on Tuesday cut its demand growth forecast for the fourth month in a row earlier this week.
U.S. crude oil has shed about 4% and Brent is down 3.5% since Donald Trump won the U.S. presidential as the dollar has surged. A stronger U.S. dollar can depress oil demand among buyers that hold other currencies.
Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Click here to learn more.
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