Hyundai, Still Focused on EVs, Wants to Build More Hybrids
Although it doesn’t intend to change its EV plans like some competitors (mostly American) have done in recent months, Hyundai has confirmed that it wants to build more hybrids at the same time.
In fact, a hybrid production line will be added at its new assembly plant in Georgia, which was initially dedicated to EVs only.
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The decision comes on the heels of Hyundai’s Q1 earnings call, during which the Korean automaker announced that its EV sales share fell in all major markets compared with the same period in 2023, while demand for hybrids rose sharply.
Of course, Hyundai EVs will be financially more attractive to U.S. customers once units begin to roll out of the aforementioned Georgia plant this fall and become eligible to the federal tax credit. The facility will have an annual production capacity of 300,000 EVs.
As for hybrids, the company didn’t specify which models it plans to build in the U.S., unfortunately. It could be existing products such as the Tucson Hybrid/Tucson PHEV and Santa Fe Hybrid or future vehicles set to receive a hybrid powertrain.
Last year, several Korean media outlets reported that a second-generation Palisade will enter production in early 2025 (as a 2026 model) and offer a hybrid option.
Hyundai executives in North America have already opened the door to adding a gas-electric Palisade, provided customer demand is strong enough. Well, it is. And for families that don’t want to transition to a fully electric three-row SUV just yet, like the upcoming IONIQ 9 to be revealed later in 2024, this is the answer.
Hyundai’s luxury brand Genesis is also mulling the launch of hybrids as early as 2025 in order to meet consumer demand, the Korea Economic Daily reported in February.