Hyundai CEO Jae Hoon Chang (left) and José Muñoz, President and Global Chief Operating Officer of Hyundai, attend the 2024 New York International Auto Show
Michael Wayland | CNBC
NEW YORK – Hyundai engine is currently reconsidering its plans to produce exclusively all-electric vehicles at a new plant under construction in Georgia, an executive told CNBC on Wednesday.
José Muñoz, Hyundai’s president and global chief operating officer, said the company is evaluating whether or not to produce hybrid or plug-in hybrid electric vehicles in addition to fully electric vehicles at the $7.59 billion plant.
“We are now preparing to expand electric vehicles and then we will see if we may need to add some additional technologies to the plan depending on the market assessment,” Muñoz said on the sidelines of the New York International Auto Show.
The reassessment comes amid slower-than-expected electric vehicle adoption and the Biden administration’s overhaul of emissions rules to better accommodate hybrid and plug-in hybrid electric vehicles rather than focusing on all-electric vehicles.
Hyundai is currently investing $12.6 billion in Georgia, including for Hyundai Motor Group’s new Metaplant America site in Bryan County and battery manufacturing through joint ventures with South Korea-based LG Energy Solution and SK On, which has a standalone Company will be establishment
Muñoz said Hyundai remains committed to electric vehicles, but also knows that hybrid and plug-in hybrid vehicles may be better for some consumers.
“Everything is on the table,” Muñoz said. “We will adapt to market demand and for now we are on track to meet regulators’ requirements.”
Hyundai unveiled a redesigned Tucson crossover on Wednesday, offering traditional gasoline engine, hybrid and plug-in hybrid electric vehicle options.
“I think the PHEV is a key strategic issue for us. We were one of the pioneers in PHEV and I think we want to take advantage of that,” said Muñoz. “But hybrid is very important… our hybrid production is growing. There is a lot of demand for it. “There will therefore also be an increase in the hybrid mix at Hyundai.”
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2024-03-27 20:40:18
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