Hyundai Motor 'prepared for any regulations' in U.S. from Trump administration

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Hyundai Motor 'prepared for any regulations' in U.S. from Trump administration

Published: 22 Nov. 2024, 16:48 Updated: 22 Nov. 2024, 19:08

CHO YONG-JUN
[email protected]

José Muñoz, Hyundai Motor’s global chief operating officer and Hyundai and Genesis Motor North America president and CEO, with the Hyundai Ioniq 9 at the LA Auto Show on Thursday [AP/YONHAP]

Hyundai Motor is ready to tackle any future regulations in the United States, according to the company's global chief operating officer.

“As [Hyundai Motor] continues to pursue the long-term goal of electrification, we need to provide the customers with choices such as hybrid vehicles and extended-range electric vehicles [EREV],” José Muñoz, Hyundai Motor’s global chief operating officer and Hyundai and Genesis Motor North America president and CEO, told reporters at the LA Auto Show on Thursday, according to the JoongAng Ilbo.

“We are prepared for any regulations,” he said, adding that the United States “is and will remain” the company’s most important market.

Hyundai Motor Group announced in August that the company will double its hybrid offering, from seven to 14 vehicles across its lineup, while all Genesis vehicles, minus the all-electric GV60, will also receive a hybrid powertrain in an effort to combat the slowdown in the EV market. The company is also developing EREV technology, referring to EVs with an internal combustion engine that, instead of powering the wheels, is used exclusively to charge the battery for more optimized energy usage.

Muñoz also said the company “did not consider receiving incentives” with its new Georgia EV manufacturing plant, as the decision was made before the introduction of the Inflation Reduction Act (IRA), which provides tax benefits to companies building EVs in the United States and consumers purchasing them.

It has been reported that President-elect Donald Trump’s transition team is proposing to eliminate the maximum $7,500 tax credit given to consumers purchasing EVs.

“I think Hyundai Motor’s direction, which Hyundai Motor Group Executive Chair Euisun Chung and Hyundai Motor CEO Chang Jae-hoon have set, is correct,” Muñoz said.

BY KO SUK-HYUN, CHO YONG-JUN [[email protected]]