Why Hyundai’s North American CEO Says ‘Everything is on the Table’ for US Investment in Electric Vehicles

LOS ANGELES – Hyundai Motor North America’s U.S. investments in electric vehicle manufacturing will be greatly influenced by the structure of federal incentives for electric vehicles, CEO Jose Muñoz said in an interview.

The company publicly opposed a proposal to provide $ 4,500 more in tax credits for electric vehicles made by unionized workers in the United States than for other electric vehicles. Such a large disparity calls into question the company’s plans to invest in the manufacture of electric vehicles in the United States

“Everything is on the table with a situation like this, so we’ll see,” he said. Automotive News at the auto show here.

Muñoz said Hyundai, which aims to sell 1 million electric vehicles a year globally by 2030, is fully committed to the technology.

“We would like to reach 40 to 50 percent [EV] The Biden administration’s goal by 2030, so we’re fully committed to achieving it, “he said.” But again, we’ll have to wait and see. “

A lower subsidy for domestic manufacturers could eventually be overcome, he said, but a difference of $ 4,500 is “huge,” he said.

“It makes us think before we make a decision – we have to wait and see what will happen.”

The company’s U.S. assembly plant in Montgomery, Alabama employs a non-union workforce.

Government incentives and recently approved increases in infrastructure spending will help increase the adoption of electric vehicles in the United States, Muñoz said. Hyundai’s Ioniq 5 electric crossover will go on sale very soon, he said, and the company unveiled its Seven concept at the show on Wednesday.

“There is going to be a much faster adoption curve, in my opinion, which is supported by the infrastructure and the incentives,” he said.


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