Every Tesla competitor is busy designing new electric vehicles and racing them out to the showrooms as quickly as they can to try to cut into the leading EV company's market share.
Tesla (TSLA) is 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. Tesla is expanding further as it plans to build a $3.6 billion battery and Tesla Semi truck manufacturing plant in Northern Nevada.
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Ford's (F) strategy lately has been to ramp up production of its F-150 Lightning, Mustang Mach E and E-Transit models to make more of its EVs available for sale. General Motors (GM) is also increasing production and plans to build a fourth U.S. battery cell plant to enable it to jump from 400,000 EVs in North America by mid-2024 to over 1 million EVs annually in 2025, the company said in an email. statement.
Hyundai
Hyundai Ramping Up Production
South Korean EV manufacturer Hyundai (HYMTF) is another automaker 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., that would employ about 8,500 people. On Feb. 21, Hyundai's affiliate Genesis rolled its first EV ever off a U.S. assembly line as it began making its GV70 all-electric SUV at its plant in Montgomery, Ala.
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 with a manufacturer's suggested retail price of $41,600. Hyundai's affiliate Kia also will roll out its new EV9 SUV on March 15, priced around $55,000.
To keep the pressure on Tesla and all the other EV competition, Hyundai on March 6 unveiled its new second generation, all-electric Kona subcompact crossover SUV, featuring standard and long-range powertrains. The Kona will also be offered in hybrid electric and internal combustion engine versions, as well.
Kona Designed Specifically as an EV, Not ICE
The Kona, however, in what Hyundai calls an unconventional move, was designed as an EV first, as part of the company's accelerated electrification strategy that will bring 11 new Hyundai EVs to market by 2030, the company said in a statement.
“Kona Electric will play a major role alongside our Ioniq models in reinforcing Hyundai’s EV leadership. The new model builds on the great reputation of the first-generation Kona Electric and is designed and engineered to lead the competition with its many outstanding features,” said Hyundai CEO Jaehoon Chang said.
The Kona Electric has an estimated maximum long range of about 305 miles. EV-specific design elements include frunk storage, active air flaps, interior and exterior vehicle-to-load outlets, head-up display, i-Pedal driving mode, Smart Regenerative System, electronic-active sound design and an eco package.
The new Kona model has Hyundai’s SmartSense Advanced Driver Assistance System and safety systems, including Level 2 autonomous driving, Forward Collision Avoidance Assist, Blind-spot View Monitor, Remote Smart Parking Assist and Driver Status Monitor. It will also offer over-the-air software updates.
The Kona Electric and other models will be available in the summer, but Hyundai has not revealed the price yet. However, it could still be under $40,000 as the 2023 Kona Electric first generation vehicle was priced starting at $33,550.
