Genesis GV70 Electric Vehicle Price Unveiled in the US: Starting at 85 Million KRW

The First Genesis Produced Locally in the U.S.
Advanced Model Starting at $65,850

[Asia Economy Reporter Oh Gyumin] The price of the GV70 electric vehicle model in the United States has been revealed. The base model, Advanced AWD, is priced at $65,850 (approximately 85 million KRW), while the Prestige AWD model is $72,650. This is at least $10,000 more expensive than competing models such as the Tesla Model Y Long Range ($54,990) and Performance ($57,990).

Genesis North America disclosed the US price of the GV70 electric vehicle on the 16th (local time). The design inherits the existing internal combustion engine GV70 platform. After launching the GV60 and G80 last year, this is their third electric vehicle released in the US. This model is the first Genesis model assembled at Hyundai Motor’s Montgomery plant in Alabama. It is also the first Genesis vehicle to be finally assembled outside of Korea.

This model is expected to qualify for the electric vehicle tax credit under the US Inflation Reduction Act (IRA). Previously, the GV70 was classified as a passenger car and had to be priced under $55,000 to qualify for the tax credit. However, on the 3rd, the US Treasury Department revised the vehicle classification criteria related to the tax credit, reclassifying the GV70 as a sport utility vehicle (SUV). SUVs must not exceed $80,000.

They plan to launch all new vehicles based on electric models by 2025 and aim to electrify their entire lineup by 2030.

Although the price is higher than Tesla’s, it is similar to or cheaper than other competitors. The BMW ix3 is sold in the US for $114,900. The Mercedes-Benz EQC ranges from $67,900 to $77,615.

The Advanced model is equipped with a 77.4 kWh battery capacity and 160 kW motors on both the front and rear. It features a panoramic sunroof, a 12.3-inch digital cluster, and navigation. Adding Nappa leather seats, a head-up display (HUD), and Lexicon premium audio upgrades it to the Prestige model.

Claudia Marquez, CEO of Genesis North America, stated, “The GV70 electric vehicle has set two milestones on our journey to full electrification by 2030,” adding, “Not only has this model been added to our portfolio, but it also marks the production of Genesis products right here in the United States.”