Hyundai could add hybrid manufacturing to $7.6 billion Georgia plant

NEW YORK – Hyundai Motor is reevaluating its plans to completely produce all-electric autos at a brand new plant below development in Georgia, an govt advised CNBC on Wednesday.

José Muñoz, Hyundai president and international chief working officer, mentioned the corporate is evaluating whether or not or to not produce hybrid or plug-in hybrid electrical autos on the $7.59 billion plant along with all-electric autos.  

“We at the moment are preparing for a ramp-up on electrical autos after which we’re evaluating if we have to perhaps add some further applied sciences into the plan relying available on the market analysis,” Muñoz mentioned on the sidelines of the New York Worldwide Auto Present.

The reassessment comes amid slower-than-excepted adoption of EVs, in addition to the Biden administration revising emissions guidelines to higher take into consideration hybrid and plug-in hybrid electrical autos quite than a give attention to all-electric autos.

Hyundai is in the midst of investing $12.6 billion in Georgia, together with for the brand new Hyundai Motor Group Metaplant America website in Bryan County and battery manufacturing by joint ventures with fellow South Korea-based corporations LG Vitality Resolution and a separate facility with SK On.

Muñoz mentioned Hyundai stays dedicated to EVs but in addition is aware of hybrids and plug-in hybrid autos could also be higher for some customers.  

“All the things is on the desk,” Muñoz mentioned. “We are going to regulate to the market demand and, in the meanwhile, we’re on observe for what the regulators are requesting.”

Hyundai on Wednesday revealed a refreshed Tucson crossover that might be provided as a standard fuel engine, hybrid and plug-in hybrid electrical automobile.

“I feel the PHEV is a key strategic subject for us. We have been one of many pioneers on PHEV and I feel we wish to make the most of that,” Muñoz mentioned. “However hybrid is essential … our hybrid manufacturing in rising. There is a excessive demand for it. So you are going to see a rise within the mixture of hybrids in Hyundai as nicely.”