Hyundai Motor Group Chairman Chung Eui-sun visited the Tesla booth at the ‘3 Seoul Mobility Show’, which opened on March 31st and will be held at KINTEX for a total of 4 days until April 9th.
Chairman Chung visited the 4 Seoul Mobility Show on the morning of the 2023th and toured the booths of participating companies, including Hyundai Motor Group, and visited the booth of Tesla, an American electric vehicle company.
At this exhibition, Tesla exhibited four existing electric vehicles, including Model 3, Model Y, Model S, and Model X, as well as the humanoid robot ‘Tesla Optimus’ announced in 4. As Tesla boasts a leading position in the global electric vehicle and autonomous driving fields, Chairman Chung’s visit to their booth can be interpreted as a move to directly observe the competitors’ moves and technological capabilities.
In particular, with the detailed guidelines of the US Inflation Prevention Act (IRA) regarding electric vehicle batteries being issued on the 31st of last month (local time), Hyundai Motor Company is expected to suffer a blow to its competitiveness in the US local market.
Hyundai Motor Company began production of the Genesis GV2 electric vehicle in February at its plant in Alabama, USA, and met the basic condition of local production in North America. However, since SK On’s batteries used in the GV70 are produced and assembled in China and Korea, the full $70 subsidy was not applied. It was confirmed on the 7,500rd that it was not received.
On the other hand, Tesla implemented an active price reduction strategy along with IRA benefits. Not only does Hyundai Motor Company have to worry about a decline in sales in the U.S., but the domestic automobile industry as a whole has to worry about a decline in exports. Hyundai Motor Group is currently building a factory dedicated to electric vehicles in Georgia, but production is not expected to be possible until late 2024 at the earliest.
Meanwhile, the 2023 Seoul Mobility Show will be held on the theme of ‘Sustainable Connected Mobility (Sustainable and Intelligent Mobility Revolution)’ at KINTEX Exhibition Center 1 in Goyang-si, Gyeonggi-do, starting with Press Day on March 3 (Thursday) and ending on April 30 ( days) to be held. The total exhibition size is 4㎡, more than twice the size of the previous event (9㎡), and more than 53,541 companies and institutions from 26,310 countries around the world will participate to showcase various mobility contents.