Hyundai's Genesis Is Reportedly Working On A New Exclusive EV Platform

Hyundai Motor‘s (OTCPK: HYMTF) luxury brand Genesis is reportedly working on a new EV platform that might not be shared with Hyundai and Kia.

What Happened: Genesis’ GV60 is currently built on Hyundai’s E-GMP platform but it is on the way out, Edmunds reported, citing Genesis’ global head Mike Song. The upcoming refresh of the GV60 will be the last of Genesis’ lineup to be based on E-GMP, following which it will move on to a new EV platform, the report said.

The resort also hinted that the new platform could be exclusive to Genesis and not shared with Hyundai and Kia.

Why It Matters: Genesis currently sells three EVs- the GV60, the electrified GV70 and the electrified G80. While the GV60 starts at $52,000, the electrified GV70 starts at $66,950 and the electrified G80 starts at $74,375.

Hyundai’s Ioniq 5 is also based on the same platform as the current GV60.

Hyundai Motor America, the U.S.-based unit of Hyundai Motor, sold 11,906 units of the Ioniq 5 SUV in the second quarter, marking a jump of over 50% from the corresponding period last year.

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