Few automakers have laid out more aggressive plans to conquer the global EV market than the Hyundai Motor Group. CEO Jaehoon Chang predicted his company will sell two million battery-electric vehicles annually by 2030. Based on industry-wide forecasts, that would position it as one of the three largest manufacturers of all-electric vehicles.
That strategy is now being reconsidered, however, as the growth in demand for all-electric models begins to slow. An internal study is now underway, and several senior officials have indicated it could lead Hyundai to slow the pace at which it rolls out new EVs following the success of its electric vehicles, including the Ioniq 5 and Ioniq 6. It may also lead to a major shift in plans for the Hyundai Metaplant America – a $7.6 billion assembly line and battery manufacturing complex in Bryan County, Georgia set to start production this coming October.
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