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 MuÃ±oz 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
âEverything is on the table with a situation like this, so we’ll see,â he said. Automotive News at the auto show here.
MuÃ±oz said Hyundai, which aims to sell 1 million electric vehicles a year globally by 2030, is fully committed to the technology.
âWe 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, MuÃ±oz 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.
âThere is going to be a much faster adoption curve, in my opinion, which is supported by the infrastructure and the incentives,â he said.