Hyundai CEO Jae-Hoon Chang (left) and Jose Muñoz, Hyundai's president and chief global operations officer, attend the 2024 New York International Auto Show
Michael Weiland | CNBC
New York -” Hyundai Motor Amazon is reevaluating its plans to produce all-electric vehicles exclusively at a new factory under construction in Georgia, an executive told CNBC on Wednesday.
Jose Muñoz, Hyundai's president and chief operating officer of global operations, said the company is evaluating whether to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant as well as all-electric vehicles. a
“We are now preparing to increase the production of electric cars and then we are evaluating whether we need to add some additional technologies to the plan depending on the market assessment,” Muñoz said on the sidelines of the New York International Conference. Car show.
The reassessment comes amid slower-than-expected adoption of electric vehicles, as well as the Biden administration reviewing emissions rules to better take hybrid and plug-in hybrid electric vehicles into account rather than focusing on all-electric vehicles.
Hyundai is in the middle of a $12.6 billion investment in Georgia, including Hyundai Motor Group's new Metaplant America site in Bryan County and battery manufacturing through joint ventures with South Korea-based LG Energy Solution and SK On, which will be a separate facility
Muñoz said Hyundai remains committed to electric vehicles but also knows that hybrids and plug-in hybrids may be better for some consumers. a
“Everything is on the table,” Muñoz said. “We will adapt to market demand, and at the moment, we are on track to achieve what regulators require.”
Hyundai on Wednesday unveiled an updated Tucson crossover that will be offered as a conventional gas engine, hybrid and hybrid-electric vehicle.
“I think PHEV is a key strategic theme for us,” Muñoz said. “We were one of the leaders in PHEV and I think we want to capitalize on that.” “But hybrid is very important… Our hybrid production is growing. There is high demand for it. So you will see an increase in the hybrid mix at Hyundai as well.”
