Hyundai may increase production of hybrid vehicles at its $7.6 billion plant in Georgia

Date:

Hyundai CEO Jae Hoon Chang (left) and José Muñoz, Hyundai president and global chief operating officer, attend the 2024 New York International Auto Show

Michael Wayland | CNBC

- Advertisement -

NEW YORK – Hyundai engine is re-evaluating its plans to provide only all-electric vehicles at a brand new plant under construction in Georgia, an executive told CNBC on Wednesday.

José Muñoz, Hyundai’s president and global chief operating officer, said the corporate is considering whether to provide hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles.

“Now we are preparing to increase the number of electric vehicles and then we are assessing whether, depending on the market assessment, we will not need to add additional technologies to the plan,” Muñoz said on the sidelines of the New York International Auto Show.

The reassessment comes amid a slower-than-expected rollout of electric vehicles, in addition to the Biden administration revising emissions rules to higher account for hybrid and plug-in hybrid electric vehicles, quite than specializing in fully electric vehicles.

Hyundai is in the midst of a $12.6 billion investment in Georgia, including Hyundai Motor Group’s latest Metaplant America facility in Bryan County and battery production through joint ventures with fellow South Korean corporations LG Energy Solution and SK On. which shall be a separate separate entity company

Muñoz said Hyundai stays committed to electric vehicles, but additionally knows that for some consumers, hybrids and plug-in hybrid vehicles may be higher.

“Everything is on the table,” Muñoz said. “We will adapt to market demand and for now we are on track to meet regulatory requests.”

Hyundai on Wednesday unveiled the refreshed Tucson crossover, which shall be offered as a vehicle with a standard gasoline engine, a hybrid and a plug-in electric hybrid.

“I think PHEV is a key strategic topic for us. We are one of the pioneers of PHEV and I think we want to take advantage of that,” Muñoz said. “But the hybrid is very important… our hybrid production is increasing. There is great demand for it. That’s why you will see an increase in the hybrid range at Hyundai.”

Don’t miss these stories from CNBC PRO:

Rome
Rome
Rome Founder and Visionary Leader of GLCND.com & GlobalCmd A.I. As the visionary behind GLCND.com and GlobalCmd A.I., Rome is redefining how knowledge, inspiration, and innovation intersect. With a passion for empowering individuals and organizations, Rome has built GLCND.com into a leading professional platform that captivates and informs readers across diverse fields. Covering topics such as Business, Science, Entertainment, Health, and more, GLCND.com delivers high-quality content that inspires curiosity, sparks discovery, and provides meaningful insights—helping readers grow personally and professionally. Building on the success of GLCND.com, Rome launched GlobalCmd A.I., an advanced AI-powered system accessible at http://a.i.glcnd.com, to bring smarter decision-making tools to a rapidly evolving world. By combining the breadth of GLCND.com’s content with the precision of artificial intelligence, GlobalCmd A.I. delivers actionable insights and adaptive solutions tailored for individual and organizational success. Whether optimizing business strategies, advancing research and innovation, achieving wellness goals, or navigating complex challenges, GlobalCmd A.I. empowers users to unlock their potential and achieve transformative results. Under Rome’s leadership, GLCND.com and GlobalCmd A.I. are setting new standards for content creation and decision intelligence. By delivering engaging, high-quality content alongside cutting-edge tools, Rome ensures that users have the resources they need to make informed choices, achieve their goals, and thrive in an ever-changing world. With a focus on inspiring content and smarter decisions, Rome is shaping the future where knowledge and technology work seamlessly together to drive success.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Our Newsletter

Subscribe Us To Receive Our Latest News Directly In Your Inbox!

We don’t spam! Read our privacy policy for more info.

Advertisement

Popular

More like this
Related