Hyundai Bucks EV Sales Slump with Aggressive Investment and Innovation

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Abdul Quddus

Hyundai Bucks EV Sales Slump: Doubling Down on Electrification (Even with Challenges.
Hyundai Electric Vehicle. Image: Getty

Hyundai Charges Forward While Others Stall

The electric vehicle (EV) market might be experiencing a slowdown, but Hyundai isn’t slowing down. In fact, they’re hitting the gas pedal on their electrification strategy. This commitment is evident in their plans for a new $7.6 billion manufacturing facility in Georgia, dedicated solely to electric vehicles.

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Why Hyundai’s EVs Are Different

While competitors are pumping the brakes on EV investments, Hyundai’s EVs are finding success. Their popular models like the Ioniq 5 and Ioniq 6, along with the refreshed Kona Electric, boast impressive range (up to 360 miles for some Ioniq 6 versions) and industry-leading ultra-fast charging capabilities (adding 100 miles in just 7 minutes).

Addressing Consumer Concerns: Affordability and Charging

Hyundai understands the challenges that prevent some consumers from going electric: affordability and charging infrastructure. To address affordability, they offer attractive lease programs for the Ioniq 5 and 6. To combat range anxiety, their EVs boast exceptional range and super-fast charging capabilities.

Hyundai Partners with Tesla for Supercharger Access

Taking their commitment a step further, Hyundai has partnered with Tesla to grant Hyundai EV owners access to Tesla’s extensive Supercharger network. This collaboration is expected to be operational by the end of 2024.

Challenges on the Road Ahead

Despite their strong EV push, Hyundai faces some hurdles. Currently, their EVs are not eligible for the $7,500 federal tax credit because they’re manufactured in South Korea. However, this might change once their Georgia plant starts production later this year. Additionally, potential unionization efforts could impact production down the line.

Hyundai’s Electric Future is Set in Stone

Regardless of the challenges, Hyundai’s future is electric. They may need to continue selling hybrids and gas-powered cars for the foreseeable future, but their commitment to EVs is unwavering. As CEO Randy Parker says, “The future is electric, and in some regards, we’re already late.” Hyundai is aiming to catch up and become a leader in the electric vehicle revolution.

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