The electric vehicle industry's leading manufacturer Tesla (TSLA) has a stranglehold on production and sales of EVs in the US, including electric SUVs.
Tesla, the leading producer of electric vehicles in the US with 1.37 million EVs produced in 2022, has set a goal to produce 20 million EVs a year by 2030. Tesla keeps expanding, as it plans to build a $3.6 billion battery and Tesla Semi truck manufacturing plant in Northern Nevada.
Tesla's SUV sales have been strong as its Model Y SUV sold about 120,737 units and the Model X sold over 31,371 in 2022, CarFigures said. Tesla's smallest SUV, the Model Y Long Range, retails for $54,990, and its Model Y Performance is priced at $58,990. The Model X retails for $99,990, while the Model X Plaid starts at $109,990.
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Tesla Competitors Roll Out Electric SUVs
To compete against Tesla, the EV maker's competitors are rolling out new SUV models. General Motors (GM) plans to introduce some SUVs this year as the Chevrolet Equinox EV is set to go on sale in the fall of 2023, starting at about $30,000, according to the Chevrolet website. Production of the GMC Hummer EV SUV is supposed to begin in early 2023, but reservations for the vehicle are currently full, according to the GMC Hummer EV website.
Ford's (F) selection of electric SUVs include the Mustang Mach-E, which retails for $45,990, and is available now. The Mach-E California 1, which starts at $57,995, and the Mach-E GT, which is priced at $63,995, are taking new orders with an estimated delivery period of six to eight weeks, the Ford website says.
To keep the pressure on Tesla and all the other EV competition, Hyundai (HYMTF) on March 6 unveiled its new second generation, all-electric Kona subcompact crossover SUV, featuring standard and long-range powertrains. The South Korean automaker did not reveal its suggested retail price for the Kona EV SUV, but it could be under $40,000, since its first generation 2023 Kona EV SUV was priced at $33,550.
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.
Genesis Begins Selling GV70
Hyundai's affiliate Genesis Motor America on Feb. 21 rolled its first EV ever off a U.S. assembly line as it began making its 2023 GV70 all-electric SUV at its plant in Montgomery, Ala. One month later, on March 21, Genesis began selling its Electrified GV70 at retailers in 15 states, including Arizona, California, Colorado, Connecticut, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas, Utah, Virginia, Washington, and Wisconsin.
The Electrified GV70 features an all-wheel drive system with individual motors for front and rear wheels, generating a maximum output of 320kW/429HP. Owners will also receive three years of complimentary 30-minute fast-charging available through Electrify America. The range for a fully charged GV70 is 236 miles all-electric range.
The 2023 models include Connected Care, with no expiration, which provides an always-on connection that helps with peace-of-mind safety features like Automatic Collision Notification, Enhanced Roadside Assistance, and SOS Emergency Assistance when the vehicle has access to a cellular network connection. Additionally, a Monthly Vehicle Health Report, Maintenance, and Diagnostic Alerts are now included as standard.
The Electrified GV70 Advanced AWD has a manufacturer's suggested retail price of $65,850, while the GV70 Prestige AWD Package is $72,650.
