Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Thursday, August 29, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Kia parent Hyundai mulls making hybrids at EV plant

March 31, 2024
in Business
Reading Time: 2 mins read
A A
Kia parent Hyundai mulls making hybrids at EV plant
0
SHARES
ShareShareShareShareShare

Kia parent Hyundai mulls making hybrids at EV plant

In recent years, the state of Georgia has worked toward becoming an electric-vehicle production hub. Now, with EV sales growth falling short of expectations, that plan has a few new wrinkles. 

READ ALSO

Temu founder Colin Huang is no longer China’s richest man

Big Tech wants to keep stealing patents—so it’s going to war with Big Pharma

Consider Kia parent Hyundai, which is building a multibillion-dollar EV “metaplant” in the state, with production slated to begin in October. It’s now considering also making hybrid vehicles there, given the surging demand for them. That’s according to Jose Munoz, North American president and global chief operating officer, who spoke to CNBC this week.

“We are now getting ready for a ramp-up on electric vehicles, and then we are evaluating if we need to maybe add some additional technologies into the plan depending on the market evaluation,” said Munoz. 

He noted the “high demand” for hybrid vehicles, adding, “You’re going to see an increase in the mix of hybrids in Hyundai.” 

The South Korean giant—the world’s third-largest automaker by volume—is still bullish on EVs, trailing only Tesla in U.S. sales of them.

EV plans decelerating

Meanwhile, Tesla rival Rivian announced this month that it’s pausing construction of a $5 billion EV manufacturing facility in Georgia. The move came amid doubts about its ability to survive, with Tesla CEO Elon Musk suggesting last month that Rivian would go bankrupt in six quarters without dramatic cost-cutting.  

While Rivian unveiled some upcoming models, it said they would be produced over the next few years at its existing plant in Illinois, with the Georgia facility on hold until otherwise indicated. The move stirred anger among lawmakers in Georgia, with one calling it “completely irresponsible.” 

Other carmakers are also decelerating their EV plans given the lower-than-expected sales growth. Ford and GM, for example, have pared back their production plans for EVs while pivoting more to hybrids. 

One challenge with EVs is that while early-adopter enthusiasts have already bought their vehicles, regular car shoppers are more likely to be turned off by the range anxiety, higher prices, and poor resale values associated with them. That might change as the EV infrastructure improves and more affordable models reach consumers. 

Meanwhile Toyota, Ford, and other legacy automakers are enjoying surging sales of hybrid vehicles, which many drivers see as a more practical alternative to EVs.

Hyundai’s re-evaluation for its Georgia plant comes amid both this dynamic and the Biden administration revising emission rules this month in a way that better accounts for hybrids.

“Everything is on the table,” Munoz said. “We will adjust to the market demand and, for the time being, we are on track for what the regulators are requesting.”

Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.

Credit: Source link

ShareTweetSendSharePin
Previous Post

The Kindle Paperwhite is on sale for $20 off at Amazon

Next Post

Nippon Steel touts tech it can bring to US Steel

Related Posts

Temu founder Colin Huang is no longer China’s richest man
Business

Temu founder Colin Huang is no longer China’s richest man

August 28, 2024
Big Tech wants to keep stealing patents—so it’s going to war with Big Pharma
Business

Big Tech wants to keep stealing patents—so it’s going to war with Big Pharma

August 28, 2024
Lego has a historic half-year launching 300 new sets, opening 41 stores
Business

Lego has a historic half-year launching 300 new sets, opening 41 stores

August 28, 2024
What does Pavel Durov’s arrest mean for his tech legacy?
Business

What does Pavel Durov’s arrest mean for his tech legacy?

August 28, 2024
Lowe’s followed Tractor Supply, Harley Davidson and John Deere in backing off DEI initiatives
Business

Lowe’s followed Tractor Supply, Harley Davidson and John Deere in backing off DEI initiatives

August 28, 2024
Gen Z tackles frustrating job market
Business

Gen Z tackles frustrating job market

August 28, 2024
Next Post
Nippon Steel touts tech it can bring to US Steel

Nippon Steel touts tech it can bring to US Steel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Mets aren’t going to beat Braves in playoff race by playing like this

Mets aren’t going to beat Braves in playoff race by playing like this

August 14, 2024
Americans are selling stocks to bet on sports

Americans are selling stocks to bet on sports

August 27, 2024
Novak Djokovic cruises through first US Open match despite struggles

Novak Djokovic cruises through first US Open match despite struggles

August 27, 2024
Uber’s legal chief takes leave to support sister-in-law Kamala Harris’ presidential campaign

Uber’s legal chief takes leave to support sister-in-law Kamala Harris’ presidential campaign

August 2, 2024
Royal Ivey has South Sudan exceeding Olympics expectations

Royal Ivey has South Sudan exceeding Olympics expectations

July 30, 2024
Michigan football faces uphill battle in post-Jim Harbaugh era

Michigan football faces uphill battle in post-Jim Harbaugh era

August 15, 2024
It’s about time 1962 Mets pass torch to dreadful 2024 White Sox

It’s about time 1962 Mets pass torch to dreadful 2024 White Sox

August 11, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • MSG-YES venture launching Gotham Sports App before NBA, NHL seasons
  • Threads is making fediverse replies more visible in its app
  • 93-Year-Old Potato Chip Producer Turns to Vanmark to Upgrade Its Bulk Storage Bin System
  • Homeward appoints first chief medical officer and more digital health hires

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In