To Better Respond to Environmental Regulations
Hyundai Motor America (HMA) is planning to expand its green car lineup from seven to 10 models by 2022. The 10 are divided into four hybrid electric vehicles, two plug-in hybrid electric vehicles, three battery electric vehicles and one fuel cell electric vehicle.
The idea is to better respond to the U.S. government’s move to tighten environmental regulations and shift the focus of its green cars towards SUVs and midsize vehicles from sedans and compact cars. Specifically, the number of its green SUV models is scheduled to be increased from two to seven.
The Joe Biden administration is planning to build 500,000 electric vehicle charging stations and replace 500,000 school buses and three million federal government vehicles with green cars by 2030. It is planning to increase tax incentives for electric vehicles, too. According to industry sources, the U.S. electric vehicle market is expected to grow to over one million vehicles in 2025 based on such policies. The administration promised to return to the Paris Agreement as well.
HMA is considering expanding its electric and hydrogen electric vehicle manufacturing facilities, too. This is because the tax incentives will be limited to green cars made in the United States. At present, Hyundai green cars available in the United States are manufactured in South Korea without exception whereas Volkswagen, BMW and Toyota have green car manufacturing facilities in the United States.