Hyundai Considering Adding Hybrid Production to $7.6 Billion Georgia Plant

Hyundai Reevaluates Plans for All-Electric Vehicle Production in Georgia Plant

Hyundai Motor is reevaluating its plans to exclusively produce all-electric vehicles at a new plant under construction in Georgia, according to an executive who spoke with CNBC. José Muñoz, Hyundai president and global chief operating officer, explained that the company is considering adding hybrid or plug-in hybrid electric vehicles to the lineup at the $7.59 billion plant.

The decision to reassess comes as the adoption of electric vehicles has been slower than expected, and the Biden administration is revising emissions rules to include hybrid and plug-in hybrid electric vehicles. Hyundai is in the midst of a $12.6 billion investment in Georgia, which includes the new Hyundai Motor Group Metaplant America site and battery manufacturing facilities through joint ventures with LG Energy Solution and SK On.

Related:  Hybrid Engine to be Featured in New Off-Road SUV

Despite the potential shift in strategy, Muñoz emphasized that Hyundai remains committed to electric vehicles but recognizes that hybrids and plug-in hybrids may be better suited for some consumers. The company recently unveiled a refreshed Tucson crossover that will be available in gas engine, hybrid, and plug-in hybrid electric versions.

At the New York International Auto Show, Muñoz stated, “Everything is on the table. We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.” He also highlighted the importance of plug-in hybrid electric vehicles for Hyundai, noting that the company has been a pioneer in this technology.

Related:  TSMC stock surges following Biden's $11.6 billion investment to support US chip manufacturing.

As Hyundai continues to navigate the evolving landscape of the automotive industry, the company remains focused on meeting consumer needs and regulatory requirements. Stay tuned for more updates on Hyundai’s plans for electric vehicles and other alternative technologies.

Source link

Leave a Comment