South Korea’s largest automaker, Hyundai Motor, is bolstering EV manufacturing regardless of rumors that the market is slowing. The automaker revealed plans to droop operations at its important manufacturing facility in South Korea because it shifts its focus towards EVs.
On Monday, Hyundai mentioned it’ll briefly droop actions at its Asan plant in South Korea.
In response to Hyundai’s regulatory submitting, the suspension will happen between Dec 31, 2023 – Feb 13, 2024. The corporate will resume operations the next day.
Regardless of headlines claiming EV demand is slowing, Hyundai is charging forward. Senior leaders advised Reuters forward of the LA Auto Present earlier this month that they’re nonetheless seeing sturdy demand for his or her electrical automobiles.
“I’m nonetheless very bullish on the battery electrics,” defined Jose Munoz, Hyundai’s world president, highlighting that EV gross sales doubled year-over-year.
Hyundai raced previous Ford and GM within the third quarter, putting second within the US EV market. Registration knowledge from Automotive Information reveals Hyundai and sister firm Kia claimed 7.5% of the market.
Hyundai halts important ICE plant to fulfill EV demand
Though Tesla nonetheless dominates the market (57.4%), Hyundai’s IONIQ 5 and Kia’s EV6 set new October gross sales information final month.
Hyundai’s progress comes regardless of not qualifying for the IRA’s EV tax credit score (solely by way of leasing). The corporate has plans to vary this.
“Primarily based on what I see, I want extra. If I had extra capability at the moment, I may promote extra vehicles.” Hyundai’s world chief mentioned. After starting building on its first EV and battery plant within the US final October, Hyundai mentioned 99.9% of the inspiration work is full.
Munoz mentioned the corporate is “pushing as a lot as we presumably can to get it prepared by October subsequent yr.”
As soon as mass manufacturing begins, Hyundai plans to construct 300,000 EVs on the $5.5 billion mega EV plant.
In the meantime, Hyundai broke floor on a brand new EV plant in Ulsan, South Korea, two weeks in the past. The corporate is suspending operations at its important manufacturing facility within the area to concentrate on building.
As soon as up and working, the brand new plant in Ulsan will be capable to produce 200,000 EVs a yr. It’s anticipated to be accomplished in 2025.
The location is on Hyundai’s important Ulsan complicated, which might construct 1.4 million vehicles a yr. Hyundai presently makes the gas-powered Sonata and Grandeur on the plant. It additionally added the IONIQ 6 final yr.
Electrek’s Take
Though different legacy automakers are delaying key EV targets, Hyundai is charging forward. The automaker plans to develop into a high three world EV producer by 2030, and including capability now is step one.
Hyundai is doubling down with massive strikes within the EV market. The corporate was the primary to companion with Amazon to promote automobiles on its platform.
It additionally simply opened its new HMGICS final week. The “sensible city mobility hub” provides new methods to purchase customized Hyundai EVs.
Hyundai is wanting towards the longer term by investing now. The corporate is attracting new patrons with distinctive EVs constructed from the bottom up.
Supply: Reuters
FTC: We use earnings incomes auto affiliate hyperlinks. Extra.