Hyundai Motor Co is set to halt the operations at its Asan facility located in South Korea to reinforce its position in the electric vehicle (EV) market. According to a regulatory filing by the South Korean manufacturer on Monday, the pause from December 31, 2023, to February 13, 2024, is planned to facilitate the construction of a state-of-the-art electric vehicle production plant. The move comes despite recent indications of a slowdown in EV demand, with Hyundai aiming to bolster its standing in the global EV market.
At the LA Auto Show last month, senior executives at Hyundai informed Reuters that the company is witnessing a significant surge in EV sales, with numbers nearly tripling year-over-year. Hyundai managed to surpass Ford and GM to secure the second position in the US EV market in the third quarter, with a notable 7.5% market share. The company’s IONIQ 5 and Kia’s EV6 contributed to achieving new sales records in October, further cementing Hyundai’s influence in the EV landscape.
While issues like not qualifying for the IRS’s EV tax credit and supply chain constraints may pose challenges, Hyundai is aggressively pursuing expansion in the EV market. The company is still on track to complete its first EV and battery plant in the US, with nearly 100% of the foundation work already finished.
Hyundai’s global president, Jose Munoz, expressed optimism about the company’s trajectory and emphasized the necessity to enhance capacity to meet growing demand. It is evident that Hyundai is taking a proactive approach to establish a stronger foothold in the electric vehicle market.
In another notable development, Hyundai Motor Group Executive Chair Chung Euisun has been recognized for her dedication to EVs after receiving the Automotive News Industry Leader of the Year award. This esteemed accolade acknowledges Chung’s instrumental role in advancing the automotive and tech industries. It particularly highlights Hyundai Motor Group’s contributions to EVs and hydrogen power, along with achievements in luxury cars and purpose-built vehicles.
It is clear that Hyundai is making significant strides in the EV industry, outperforming rivals in various aspects. With ambitious plans for new production plants and awards for company executives, Hyundai’s commitment to electric transportation is evident. The company’s proactive stance indicates its readiness to compete and thrive in the ever-evolving landscape of electric vehicles.
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