Source: Gasgoo
Jose Munoz, the president and global chief operating officer of Hyundai Motor, told the media on March 27 that the company was reevaluating its plans to build a new plant in Georgia exclusively for pure electric vehicles.
Munoz said Hyundai is evaluating whether to build hybrid or plug-in hybrid electric vehicles in addition to pure electric vehicles.
“We are now preparing to ramp up the production of electric vehicles, and then we will decide whether we need to add other technologies to the plan based on the results of the market assessment.” Munoz said on the sidelines of the New York International Auto Show.
Image source: Hyundai Motor
This assessment adjustment by Hyundai comes as the adoption of electric vehicles has been slower than expected, and as the Biden administration is revising emissions rules to better play the role of hybrid and plug-in hybrid vehicles, rather than focusing solely on pure electric vehicles.
Hyundai is investing $12.6 billion in Georgia, including building the group’s new Metaplant America plant in Bryan County and producing batteries through joint ventures with South Korean companies LG New Energy and SK On.
Munoz said Hyundai will continue to work on electric vehicles, but the company is also aware that hybrids and plug-in hybrids may be better for some consumers. “We will consider all possibilities,” he said. We will adjust according to market demand and we are currently adjusting as required by the regulators.”
Hyundai unveiled its new Tucson crossover on March 27, which will be offered in conventional gasoline engine, hybrid and plug-in hybrid versions.
Munoz said: “I think plug-in hybrid (PHEV) is an important strategic issue. We have been one of the pioneers in the PHEV space and we want to take advantage of that. But hybrids are also very important, and our production of hybrid vehicles is growing, and the market is in great demand. So you will see an increase in the number of hybrid models of Hyundai cars in the future.”
