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Genesis' decision to build the Electrified GV70 in America is a sign of things to come

As Steely Dan famously sang, they call Alabama the Crimson Tide. Here in Montgomery, we’re knee-deep in a Green Tide thatÂ’s transforming the business of building and selling cars. The high-style Genesis Electrified GV70 emerging from Hyundai Motor Manufacturing Alabama (HMMA) is the first Genesis built outside South Korea. ItÂ’s only the second made-in-America EV from a foreign-based automaker, after the Volkswagen ID.4 whose Tennessee production kicked off in July.  Get ready for many more. Spurred by the Inflation Reduction Act — whose final interpretations and outcomes remain in Washingtonian flux — automakers foreign and domestic are scrambling to onshore EV-and-battery production to boost American jobs and security, as a condition to securing lucrative tax incentives for manufacturers and consumers. Beginning in 2024, qualifying for EV credits may even require sourcing a hefty percentage of minerals and other battery materials from America or approved trade partners, a list that conspicuously does not include China or Russia. As things stand, that sticking point could make a vast number of 2024 EVs ineligible for purchase credits; though leasing a vehicle may still earn dealers a $7,500 commercial credit that they could pass along to consumers, as most currently do for EV lessees.  The electric version of GenesisÂ’ most-popular SUV is the avatar of Hyundai MotorÂ’s $10 billion American EV investment, which is expected to foster up to 8,000 good-paying jobs. Even thatÂ’s a fraction of what Atlas Public Policy estimates to be $128 billion in industry-wide investment in AmericaÂ’s EV, battery and recycling capacity through 2030 alone. HyundaiÂ’s planned onshore footprint includes a new battery factory northwest of Atlanta, and a $5.5 billion EV factory near Savannah that aims to produce Hyundai, Kia and Genesis EVs beginning in 2025. Beginning that year, Genesis says every new model introduced will be an EV, with no fossil-fuel option. And Genesis plans to phase out gasoline-powered models entirely by 2030, a similar timeline to luxury brands including Volvo and Cadillac. In Alabama, where Hyundai also builds the Elantra, Sonata, Santa Fe and Santa Cruz, an Electrified GV70 is hoisted onto a lift for the final stop on its 16-hour assembly journey.

Genesis designer Luc Donckerwolke talks new sedan, 'post-SUV' phase

Luc Donckerwolke's office at the Hyundai Research and Design center outside of Seoul looks like an Apple store, all polished concrete, metal and glass and a Miesian lack of ornamentation. This makes sense in an environment in which Donckerwolke, as head of design for the Hyundai and Genesis brands, is attempting to privilege transparency: enhancing communication and accessibility. "We have to break this kind of castle syndrome that the designers are in," Donckerwolke says. "It's all about opening up." This undermining of Korea's traditional orchestrated, hierarchical and executory structure is part of what has allowed Donckerwolke to create widely admired concepts such as the GV80 SUV and Essentia electric GT in just more than two years since he arrived from the VW Group leading design at Bentley, Lamborghini and Audi. And also to design the all-new G70 sport sedan that will be introduced to the U.S. market later this summer. We drove the G70 just before arriving for an exclusive one-on-one at Donckerwolke's R&D office, the first American journalists to visit. Although our time behind the wheel was brief, and we drove only the top-of-the-line, 365-horsepower, twin-turbocharged V6 version, we were impressed with the acceleration, the balance and the material quality. We also noted that the G70 is very good looking, with a distinctive, muscular and aggressive mien that feels true to the company's mission to be at once "Audacious, Progressive and Distinctly Korean." Like much of what we saw and experienced in contemporary Seoul, the car hosts a unique blend of influences from America, Europe and Asia while offering a harmony of line and a grounded sense of self that seems endemic to the peninsula. This global-but-flavored template is intentional. "We are not going to do Korean cartoons on wheels," Donckerwolke says. "We're not going to become a patriotic Korean movement. It's only about the essence of the Korean culture that we are using as an inspiration." One thing we could not help but notice is that the G70 is a sedan, joining a pair of older, Hyundai-based sedans, the G80 and G90, to complete the Genesis lineup. This feels somewhat inauspicious in the moment, especially for the American market where two-thirds of new-vehicle purchases are trucks and SUVs. "As you probably have seen when you've been driving around, sedans are extremely demanded here in Korea. And, you know, we have a huge market penetration here.

Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.