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Hyundai is ‘doubling down’ on EVs despite sales slowdown, CEO says

Photo by Patrick George for The Verge

Electric vehicle sales may be in a bit of a slump, but Hyundai isn’t deterred. The South Korea-based automaker is “doubling down” on its EV investment, including a $7.6 billion dedicated manufacturing facility in Georgia, said Hyundai Motor America CEO Randy Parker.

“While other manufacturers are pulling back on their electrification strategy, we continue to be focused on our products,” Parker said in an interview this week with The Verge. “And our products have done extremely well in the marketplace.”

Those products include the popular Hyundai Ioniq 5 and Ioniq 6 as well as a recently refreshed Kona Electric. And there’s also the recently released performance-based Ioniq 5 N, which recently won the 2024 World Performance Car award.

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