Hyundai CEO Jae Hoon Chang (left) and José Muñoz, Hyundai president and global chief operating officer, attend the 2024 Recent York International Auto Show
Michael Wayland | CNBC
NEW YORK – Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a recent plant under construction in Georgia, an executive told CNBC on Wednesday.
José Muñoz, Hyundai president and global chief operating officer, said the corporate is evaluating whether or not to supply hybrid or plug-in hybrid electric vehicles on the $7.59 billion plant along with all-electric vehicles.
“We are actually preparing for a ramp-up on electric vehicles after which we’re evaluating if we’d like to perhaps add some additional technologies into the plan depending available on the market evaluation,” Muñoz said on the sidelines of the Recent York International Auto Show.
The reassessment comes amid slower-than-excepted adoption of EVs, in addition to the Biden administration revising emissions rules to higher keep in mind hybrid and plug-in hybrid electric vehicles quite than a concentrate on all-electric vehicles.
Hyundai is in the course of investing $12.6 billion in Georgia, including for the brand new Hyundai Motor Group Metaplant America site in Bryan County and battery manufacturing through joint ventures with fellow South Korea-based firms LG Energy Solution and SK On, which can be a separate facility
Muñoz said Hyundai stays committed to EVs but in addition knows hybrids and plug-in hybrid vehicles could also be higher for some consumers.
“All the pieces is on the table,” Muñoz said. “We’ll adjust to the market demand and, in the meanwhile, we’re on course for what the regulators are requesting.”
Hyundai on Wednesday revealed a refreshed Tucson crossover that can be offered as a standard gas engine, hybrid and plug-in hybrid electric vehicle.
“I feel the PHEV is a key strategic topic for us. We have been one among the pioneers on PHEV and I feel we wish to benefit from that,” Muñoz said. “But hybrid could be very necessary … our hybrid production in growing. There is a high demand for it. So you are going to see a rise in the combination of hybrids in Hyundai as well.”
