Despite the competition pulling back, Hyundai is racing full speed ahead as it looks to close the gap with Tesla in the US electric vehicle market. Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as construction on its massive $7.59 billion Metaplant wraps up in Georgia.
After kicking off construction on its first EV assembly and battery plant in October 2022, the facility is almost complete.
Although several US automakers, including Ford and GM, recently pulled back, Hyundai’s CEO is confident in the Korean automaker’s big bet on EVs.
“Even though the demand for electric vehicles is temporarily fluctuating more than expected, we believe our direction toward electric vehicles is correct,” Chang said to reports in Seoul Monday.
“For now, electric vehicles are the top priority,” Hyundai’s leader added while at an event organized by Georgia Governor Briant Kemp. The comments come as construction on the Hyundai Motor Group Metaplant America (HMGMA) is expected to be complete in Q4 2024.
“Georgia is not only a key area for our company but also the region where the most Korean companies have expanded, making it significantly important in terms of investment scale,” Chang explained.
2024 Hyundai IONIQ 5 (Source: Hyundai)
Although Hyundai Motor has invested $7.59 billion, with its suppliers, the company has attracted over $12.6 billion in investments in the state. It will also create about 50,000 new jobs.
Hyundai is doubling down on EVs in the US
Chang’s comments reflect the same attitude Hyundai’s North American CEO, Randy Parker, had during a recent interview with Electrek.
Parker said Hyundai is “humble and hungry” to separate the brand from the competition (read the full interview here). Hyundai Motor, including Kia, is the second-biggest EV brand in the US.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
“Demand for our vehicles, especially EVs, remains high,” Parker said. Hyundai’s top-selling IONIQ 5 set a new monthly sales record in May, with 4,449 units sold. Hyundai’s IONIQ EV brand sales are up 42% YOY as of May.
January
February
March
April
May
2024 YTD Total
% Chg YTD
Hyundai IONIQ 5 sales
1,465
1,993
3,361
3,702
4,449
14,973
+43%
Hyundai IONIQ 5 sales in the US by month through May 2024
The EV production line at Hyundai’s Metaplant is expected to be ready in October. Hyundai’s IONIQ 5 will be the first to roll off the assembly line.
Once assembly begins, Hyundai expects EVs built at the facility to qualify for the $7,500 federal tax credit, giving the automaker even more momentum.
2024 Hyundai IONIQ 5 interior (Source: Hyundai)
Although the battery unit will come online about a year later, it will be sourced from Hyundai’s Hungary plant. Hyundai, like many automakers, is passing the EV tax credit on to those leasing, drastically reducing prices.
Price after potential $7,500 EV tax credit (excluding destination fee)
Range (EPA est miles)
SE Standard Range
$41,800
$34,300
220
SE
$45,850
$38,350
RWD: 303 AWD: 260
SEL
$47,400
$39,900
RWD: 303 AWD: 260
Limited
$53,500
$46,000
RWD: 303 AWD: 260
D100
$59,400
$51,900
260
2024 Hyundai IONIQ 5 prices and trim options
Starting at $41,800, Hyundai’s IONIQ 5 is already one of the cheapest EV options in the US, alongside the IONIQ 6 ($37,500) and the new Kona Electric ($32,675).
They are also some of the fastest charging (10% to 80% in 18 minutes) and long-range models (up to 361 miles EPA-est range) on the market.
However, with an added $7,500 cash offer, Hyundai EV leases start at just $189 per month. It’s no wonder Hyundai is racing past rivals.
Electrek’s Take
Hyundai continues surging ahead in the US as rivals are putting off EV investments. The automaker has already proven it’s a real competitor as the US electric vehicle market continues growing.
With access to the $7,500 tax credit, Hyundai looks to strengthen its position and close the gap with Tesla.
The early commitment with its dedicated IONIQ brand and E-GMP platform is paying off as Hyundai looks to take the next step. Hyundai is also expected to reveal its first three-row electric SUV, the IONIQ 9, in the US soon (Check out this video of it testing in the US).
With sales of Kia’s first three-row electric SUV, the EV9, off to a hot start in the US, Hyundai is expected to see similar results.
If you’re in the market for a new electric vehicle, Hyundai is offering some of the lowest prices yet with massive savings opportunities. You can use our links below to find deals on Hyundai’s EVs at a dealer near you.
With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.
When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.
“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”
The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.
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Open to work
Kenworth T880E; via PACCAR.
In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.
Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.
Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.
It’s so big, you guys
Kenworth T880E; photo by the author.
The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.
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The tire-blistering SU7 Ultra has been the Xiaomi brand’s flagship super sedan since its launch, but a controversial software setting has limited the car to “just” 900 hp in regular driving – resulting in an outcry from owners who ponied up for the big boy numbers. With its latest software update, that missing 648 hp is back on tap!
The SU7 Ultra made waves throughout the performance car world when a bright yellow striped example lined up alongside a white quarter mile king, the 1,000+ hp Tesla Model S Plaid, and promptly smoked it.
That wasn’t all. A preproduction SU7 Ultra prototype lapped the legendary Nürburgring circuit in just 6 minutes and 46.874 seconds, firmly stamping the 1,500+ hp Xiaomi’s alphanumeric into the track’s record books with a time nearly fifteen seconds quicker than a Rimac Nevera or, on the ICE front, either a Corvette ZR1, Viper ACR, or Porsche 918 (take your pick).
It’s hardly any wonder, then, that the customers who signed up – in droves, too – were disappointed to learn that the SU7 they were allowed to buy had been neutered by the safety nannies to the tune of nearly 650 hp. (!)
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We’re so back
The outrage from SU7 Ultra owners was immediate. And, facing mounting pressure online and on social media, Xiaomi ultimately decided to withdraw the performance-limiting features while acknowledging the need for more transparent communication about future software updates they messed up, saying in a statement, “we appreciate the passionate feedback from our community and will ensure better transparency moving forward.”
So, rich people can rocket themselves down the road in 9 second hypercars again and all is right with the world. A happy ending – but one that sort of illuminates a fresh set challenges for automakers peddling “software-defined vehicles” to a market that still thinks of their cars as very much hardware defined products.
The new reality is playing out in real time now, and the Jeff Bezos-backed $20,000 electric compact pickup from Slate Auto is going the other way entirely – time will tell whether more, or less tech is the answer.
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Tesla (TSLA) has started offering reduced interest rates on the new Model Y in the US — this equates to a direct discount on the brand new vehicle that was supposed to spark Tesla’s demand back.
The automaker has announced “1.99% APR or $0 Due at Signing available for well-qualified buyers” on the new Model Y in the US for the first time:
This amounts to a direct discount worth a few thousand dollars. It is the first widely available discount on the new Model Y coming just weeks after the cheaper non-Launch Edition launched in the US.
These discounts and subsidized financing point to soft demand for the updated best-selling vehicle in the US. Tesla just delivered a disastrous first quarter, which it mostly blamed on the Model Y changeover, resulting in lower inventory.
However, industry watchers, including Electrek, noted many signs that the Model Y changeover was not the only issue. Tesla added significantly to its inventory in the first quarter, and the wait times for the new Model Y were extremely short.
Now, the discount weeks after launching the new Model Y confirm the soft demand in the US.
I think it’s clear by now: the new Model Y is not coming to save Tesla.
Let’s be honest: It will still be a significant vehicle program by volume. It just won’t help Tesla return to growth this year.
The RWD Model Y is still coming and has a chance to help in the US. It is already available in China, and it’s not helping Tesla much there, but that’s in a hyper-competitive market, especially at lower prices where the RWD Model Y operates.
Tesla’s performance in Q2 in China will be interesting since it is basically back to its regular lineup for the whole quarter.
The US appears to have been Tesla’s least affected market, but Q3 will be the real test with the full lineup and no backlog of demand for new Model Y.
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