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
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.”
