Meeting with the Press at CEO Investor Day on the 28th
Jang Jae-hoon, President of Hyundai Motor Company, is answering questions at the 'CEO Investor Day' held on the afternoon of the 28th at the Conrad Hotel in Yeouido, Seoul. [Image source=Yonhap News]
Jang Jae-hoon, President of Hyundai Motor Company, described the electric vehicle market, which is currently experiencing a temporary demand stagnation known as the "chasm," as "the ultimate path to take."
At the '2024 CEO Investor Day' held at the Conrad Hotel in Yeouido, Seoul, Jang told reporters, "After 2035, it will be impossible to sell anything other than electric vehicles (EVs) in Europe or California, USA," adding, "The key is how to improve the pain points of electric vehicle customers, such as inconveniences in infrastructure or charging processes, charging distance, and driving range, which must be addressed technologically." This statement is interpreted as a commitment to continue targeting the electric vehicle market despite recent consecutive EV fires and demand stagnation.
"Electric vehicles are indeed the path to take"… Emphasizing the electrification policy
Regarding the 'Hyundai Motor Group Meta Plant America (HMGMA)' currently under construction in Georgia, USA, Jang said, "It is far ahead of the conventional (complete vehicle manufacturing) plant concept," adding, "HMGMA is dedicated to electrification but can produce mixed models of electric and hybrid vehicles."
On recent environmental assessment issues surrounding HMGMA in the US, he responded, "It's fine," explaining, "The environmental impact assessment concerns water resources and groundwater capacity, but it will not affect our production schedule."
Jose Munoz, Hyundai Motor's Global Chief Operating Officer (COO), stated regarding HMGMA, "Next-generation vehicles of Hyundai Motor Group brands, including Hyundai, Genesis, and Kia, will be produced," adding, "HMGMA's production capacity could range from 300,000 to a maximum of 500,000 units annually."
Munoz further explained that the mid-to-large electric sports utility vehicle (SUV) Ioniq 9 model, which Hyundai is preparing, will also be produced at HMGMA. Production of the Ioniq 5 will begin at HMGMA in October, followed by the Ioniq 9 the next year, with hybrid vehicles to be launched thereafter, according to Munoz. HMGMA is scheduled for completion in the fourth quarter of this year and is expected to produce at least 6 to 7 models, including Hyundai's Ioniq series.
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