Hyundai considering hybrid vehicle production at $7.6 billion Georgia EV plant

NEW
YORK
–


Hyundai
Motor
is
reevaluating
its
plans
to
exclusively
produce
all-electric
vehicles
at
a
new
plant
under
construction
in
Georgia,
an
executive
told
CNBC
on
Wednesday.

José
Muñoz,
Hyundai
president
and
global
chief
operating
officer,
said
the
company
is
evaluating
whether
or
not
to
produce
hybrid
or
plug-in
hybrid
electric
vehicles
at
the
$7.59
billion
plant
in
addition
to
all-electric
vehicles.
 

“We
are
now
getting
ready
for
a
ramp-up
on
electric
vehicles
and
then
we
are
evaluating
if
we
need
to
maybe
add
some
additional
technologies
into
the
plan
depending
on
the
market
evaluation,”
Muñoz
said
on
the
sidelines
of
the
New
York
International
Auto
Show.

The
reassessment
comes
amid
slower-than-excepted

adoption
of
EVs,
as
well
as
the
Biden
administration

revising
emissions
rules
to
better
take
into
account
hybrid
and
plug-in
hybrid
electric
vehicles
rather
than
a
focus
on
all-electric
vehicles.

Hyundai
is
in
the
middle
of
investing
$12.6
billion
in
Georgia,
including
for
the
new
Hyundai
Motor
Group
Metaplant
America
site
in
Bryan
County
and
battery
manufacturing
through
joint
ventures
with
fellow
South
Korea-based
companies
LG
Energy
Solution
and
SK
On,
which
will
be
a
separate
facility

Muñoz
said
Hyundai
remains
committed
to
EVs
but
also
knows
hybrids
and
plug-in
hybrid
vehicles
may
be
better
for
some
consumers.
 

“Everything
is
on
the
table,”
Muñoz
said. “We
will
adjust
to
the
market
demand
and,
for
the
time
being,
we
are
on
track
for
what
the
regulators
are
requesting.”

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

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