Tuesday, July 16, 2024

Hybrid vehicles driving the adoption of electric vehicles, Hyundai exec says

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Hyundai Motor Group is ready to compete in the global electric vehicle market with the E-GMP platform used by Hyundai, KIA and Genesis.

In an interview at the Los Angeles Auto Show, Jose Muñoz, global COO of Hyundai said that investment in EVs has achieved profitability and is paying off with increasing US market share.

In the US market, Hyundai Motor Group is the No. 1 seller of electric vehicles. 2 behind Tesla, which is a pioneer of electric vehicles.

Jose Muñoz said Hyundai was quickly gaining market share and giving dealers record profits for stocking a wide range of vehicle models.

Hyundai sees this period as a transitional period and says hybrid vehicles are also driving the company’s growth in the US.

“We at Hyundai thought about how we would navigate the transition. Based on the information we got from our customers, not all were ready to transition to an EV in just one shot.” said Jose Muñoz

Muñoz, who is also the CEO of Hyundai and Genesis Motor North America, added that Hyundai hybrid buyers are future buyers of Hyundai BEVs. Muñoz is optimistic about that because the automaker has all bases covered when it comes to new propulsion technology.

“We decided to invest in hybrid, hybrid plug-in and electric at the same time. This has given us a great conquest tool to bring customers from other brands. They think about the future, but they want to be sure.” said Jose Muñoz

A challenge for Hyundai in the US market is the Reduced Inflation Act which removed EV incentives for vehicles not built in North America.

Muñoz said the law was announced in August after Hyundai Motor Group had committed to investing $10 billion in the US for EV projects through 2025, including an EV production facility in Georgia.

Hyundai has proposed implementing a three-year transition period for ending its incentives, which would give it time to build a joint US assembly plant and battery plant.

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