Transportation
Hyundai Motor to Spend More on Hybrids as EV Demand Weakens
- Carmaker to increase spending on plant it’s building in the US
- Company saw a big decline in EV sales while hybrids increased
A production line at Hyundai’s factory in Gwangju, South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Hyundai Motor Co. wants to increase sales of hybrid vehicles to offset the slowdown in demand for electric vehicles.
The South Korean carmaker is planning to spend more on the manufacturing plant it’s building in the US state of Georgia in order to produce hybrids at the facility, Seung Jo Lee, Hyundai’s chief financial officer, said during a call after the release of earnings Thursday.