Hyundai Motor is reevaluating its strategy to exclusively manufacture all-electric vehicles at its new plant currently under construction in Georgia, revealed an executive in a conversation on Wednesday.
José Muñoz, President and Global Chief Operating Officer of Hyundai, indicated that the company is considering the possibility of producing hybrid or plug-in hybrid electric vehicles alongside all-electric vehicles at the $7.59 billion plant.
“We are gearing up for the production of electric vehicles and then assessing whether additional technologies need to be incorporated into the plan based on market evaluation,” Muñoz stated during the New York International Auto Show.
This reconsideration arises amidst the slower-than-expected adoption of electric vehicles and the Biden administration’s revision of emissions regulations to encompass hybrid and plug-in hybrid electric vehicles, rather than focusing solely on all-electric vehicles.
Hyundai is currently investing $12.6 billion in Georgia, including the construction of the new Hyundai Motor Group Metaplant America site in Bryan County, as well as battery manufacturing through joint ventures with South Korea-based companies LG Energy Solution and SK On, which will be established as a separate facility.
Despite its commitment to electric vehicles, Hyundai acknowledges that hybrids and plug-in hybrids may suit certain consumer preferences better.
Muñoz emphasized the company’s adaptability to market demands, stating, “Everything is on the table. We will adjust to market demand, and currently, we are aligning with regulatory requirements.”
In line with this strategy, Hyundai showed a refreshed version of its Tucson crossover on Wednesday, offering traditional gas engines, hybrid, and plug-in hybrid electric vehicle options.
Muñoz underscored the strategic importance of plug-in hybrid electric vehicles (PHEVs), highlighting Hyundai’s pioneering role in this segment.
He also emphasized the growing demand for hybrid vehicles, indicating an increase in the production mix of hybrids within Hyundai’s portfolio.
