Hyundai may add hybrid production to $7.6 billion Georgia plant

New York – Hyundai Motor The company is re-evaluating plans to build a new factory in Georgia dedicated to making all-electric vehicles, a senior executive told CNBC on Wednesday.

Hyundai Motor President and Global Chief Operating Officer Jose Munoz said the company is evaluating whether to build hybrid or plug-in hybrid electric vehicles at the $7.59 billion plant in addition to all-electric vehicles.

“We are now preparing for the promotion of electric vehicles, and then we are evaluating whether we need to add some additional technologies to the plan based on market evaluation,” Munoz said on the sidelines of the New York International Auto Show.

The reassessment comes amid slower-than-exceptional adoption of electric vehicles and as the Biden administration is revamping emissions rules to better account for hybrid and plug-in hybrid electric vehicles instead of focusing on all-electric vehicles. electric car.

Hyundai is investing $12.6 billion in Georgia, including Hyundai Motor Group’s new Metaplant America plant in Blaine County, as well as battery manufacturing through a joint venture with fellow Korean company LG Energy Solution and a standalone factory with SK On .

Munoz said Hyundai remains committed to electric vehicles but understands hybrids and plug-in hybrids may be better for some consumers.

“Everything is on the table,” Munoz said. “We will adjust according to market demand and currently we are meeting the requirements of the regulators.”

Hyundai Motor on Wednesday unveiled an updated Tucson crossover that will be available with a conventional gas engine, hybrid and plug-in hybrid electric versions.

“I think plug-in hybrids are a key strategic theme for us. We’ve been one of the pioneers in plug-in hybrids and I think we want to capitalize on that,” Munoz said. “But hybrids are very important… Our hybrid production is growing. The demand for it is high. So you will also see an increase in Hyundai’s hybrid portfolio.”