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Hyundai plans to produce hybrid vehicles at $7.6 billion electric vehicle plant in Georgia

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Hyundai CEO Jae Hoon Chang (left) and José Muñoz, Hyundai Global President and Chief Operating Officer, attend the 2024 New York International Auto Show

Michael Wayland | CNBC

NEW YORK – Hyundai engine is reevaluating its plans to exclusively produce all-electric vehicles at a new factory under construction in Georgia, an executive told CNBC on Wednesday.

José Muñoz, Hyundai’s president and global chief operating officer, said the company is evaluating whether to produce hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant, in addition to vehicles fully electric.

“We are now preparing for a surge in electric vehicles and then we are evaluating whether perhaps we need to add additional technologies into the plan based on the market assessment,” Muñoz said on the sidelines of the International Motor Show. New York car. .

The reassessment takes place in a slower context than expected adoption of electric vehiclesas well as the Biden administration review of broadcasts rules to better take into account hybrid and plug-in hybrid electric vehicles rather than focusing on fully electric vehicles.

Hyundai is investing $12.6 billion in Georgia, including Hyundai Motor Group’s new Metaplant America facility in Bryan County and battery manufacturing through joint ventures with other Georgia-based companies. South Korea, LG Energy Solution and SK On, which will be a separate company. ease

Muñoz said Hyundai remains committed to electric vehicles, but also knows that hybrid and plug-in hybrid vehicles might be better for some consumers.

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

Hyundai on Wednesday revealed a refreshed Tucson crossover that will be offered as a traditional gas-engine electric vehicle, a hybrid and a plug-in hybrid.

“I think PHEV is a key strategic topic for us. We were one of the pioneers of PHEV and I think we want to take advantage of that,” Muñoz said. “But hybrid is very important… our production of hybrids is growing. There’s a lot of demand. So you’re going to see an increase in the hybrid range at Hyundai as well.”

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