Hyundai Motor Group recently opened a new plant in Savannah, Georgia, initially intended to focus solely on electric vehicles (EVs). However, at the opening ceremony, the term "electric" was notably absent, signaling a shift in strategy as Hyundai will now produce hybrids as well. CEO Jose Munoz acknowledged that the anticipated pace of EV adoption was overly optimistic. This trend mirrors a larger industry shift; major companies have also shifted focus towards hybrid vehicles in response to changing government policies that are rolling back incentives and regulations favoring EVs.
"When we started this project, originally, everybody thought, 'Okay, the world is going to be fully electric.' But soon we realized that the pace of electrification was not going to be as fast as everybody thought."
"It's hard to ignore that this is happening as the government is pulling a U-turn on EVs. Regulations are being rewritten, and tax breaks for consumers are at risk."
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