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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