Hyundai Motor Company is considering producing hybrid vehicles in addition to pure electric vehicles (EVs) at its Georgia plant under construction in the United States, CNBC reported on the 27th (local time).
According to the report, Jose Munoz, Hyundai Motor's Global Chief Operating Officer (COO), said at the New York International Auto Show, "We are reviewing whether to produce hybrid or plug-in hybrid electric vehicles (PHEVs) in addition to pure electric vehicles at the Georgia plant," adding, "We are evaluating whether it is necessary to add some technologies depending on market assessment."
He also stated, "PHEVs are a strategic topic for us," and "Since Hyundai has played a pioneering role in the PHEV field, we want to leverage that advantage." He continued, "Due to the high demand for hybrids, we expect to see an increase in the proportion of hybrids at Hyundai as well."
Currently, Hyundai is constructing the dedicated electric vehicle plant 'Hyundai Motor Group Meta Plant America (HMGMA)' in Georgia, aiming for mass production in the fourth quarter of this year. The media pointed out that the reason Hyundai reviewed the production plan for the plant was likely influenced by the slowdown in electric vehicle demand and revised emission regulations.
On the 20th, the U.S. Environmental Protection Agency (EPA) announced new pollutant emission standards, setting a goal to reduce tailpipe emissions by 49% by 2032 and to have electric vehicles account for at least 35% of new vehicle sales. This is a significant relaxation compared to the previous targets (56% reduction and 67% share), which is considered favorable for hybrids and PHEVs as well.
Munoz, the COO, said, "We are adapting to market demand and following what regulators require," adding, "We are exploring all options that can be reviewed." Hyundai also announced at the auto show that the new 'Tucson' unveiled will be released in hybrid and PHEV versions in addition to the existing internal combustion engine model.
Meanwhile, on the 27th, Hyundai Motor's stock price on the KOSPI closed at 244,000 won, up 1.46% from the previous day.
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