Hyundai Motor said its new vehicle assembly plant under construction in Georgia would also produce hybrids in addition to battery electric vehicles (BEVs), according to local reports.
Hyundai Motor Group Metaplant America, located just outside the port city of Savannah, was scheduled to begin operations in the fourth quarter of 2024, producing Hyundai, Kia and Genesis vehicles for North America. The plant had been expected to produce only BEVs.
Go deeper with GlobalData
Hyundai Motor chief financial officer, Lee Seung Jo, said during an earnings call this week the automaker was “investing in facilities to produce hybrid cars at the Hyundai Motor Group Metaplant America”, reflecting slower than expected growth in the North American BEV market.
HMC had raised its global hybrid sales target 28% to 480,000 units in 2024.
Combined sales of BEVs and hybrids fell 5% to 153,519 units in the first quarter of the year, with sluggish BEV sales offset by stronger hybrid volume.
Overall global vehicle sales were down 2% at 1m units in the three month period, although revenue increased by 7.6% to KRW40.6bn (US$29.3).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
