FILE PHOTO: The logo of Hyundai Motor is seen on a car displayed at a Hyundai dealership in Seoul, September 1, 2011. REUTERS/Truth Leem/File PhotoSEOUL : Hyundai Motor Co plans to use the investment it has already lined up for the United States to produce hybrid vehicles at its electric vehicle plant there.
South Korea's Hyundai Motor Group, which houses Hyundai Motor and Kia, said it would invest $12.6 billion for new dedicated EV and battery manufacturing facilities in Georgia - its largest investment outside South Korea. Automakers and suppliers are adding capacity to build gasoline-electric hybrid and plug-in hybrid vehicles for the U.S. market, responding to increased consumer demand for technology that General Motors and other automakers once planned to phase out in favor of all-electric fleets.
Munoz said Hyundai Motor would prepare for"different scenarios", when asked about the U.S. Inflation Reduction Act - which requires vehicles to be assembled in North America to qualify for EV tax credits - and the potential impact of the upcoming U.S. presidential election on the law.
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