Nov 22, 2024, 12:00 AM
Nov 22, 2024, 12:00 AM

Hyundai's new CEO outlines plans for EVs amid potential tax credit changes

Highlights
  • Jose Muñoz, currently the global COO, will become Hyundai's CEO in January 2025.
  • The company is investing $5.5 billion in a new plant in Georgia focused on EVs and hybrids.
  • Hyundai aims to adapt its strategy to maintain competitiveness in the U.S. automotive market.
Story

In the United States, Jose Muñoz will take over as Hyundai Motor's global CEO on January 1, 2025. Muñoz emphasized the company's commitment to electric vehicles (EVs) despite uncertainties surrounding federal policies, such as the potential elimination of the $7,500 EV tax rebate. Hyundai's $5.5 billion investment for a new auto and battery plant in Savannah, Georgia, scheduled to open next year, is designed to increase U.S. production capacity and allow the company to adapt to changing regulatory environments. Muñoz indicated that Hyundai will also produce hybrids and plug-in hybrids to maintain sales if EV demand drops due to policy changes. Furthermore, the automaker aims to localize production, enhancing its competitive stance against key players like Tesla and BYD in the rapidly changing automotive market.

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