Hyundai to Push for Increase in Hybrid Car Sales Due to Falling EV Demand

It looks like Hyundai is understanding that the vast majority of consumers do not want to drive an EV. I have always said the focus should be on plug in hybrid because the range anxiety is a real thing when it comes to EVs:

Hyundai Motor will boost sales of its hybrid cars and SUVs as part of its key strategy to ensure profitable growth amid falling sentiment for electric vehicles (EV), the company said Thursday during a conference call.

The decision came as demand for hybrid vehicles is on the gradual rise, after the global EV industry entered a chasm this year. The company displayed the vision after disclosing a slight fall in its first-quarter operating profit.

In a regulatory filing, the carmaker reported an operating profit of 3.55 trillion won ($2.58 billion) in the first quarter, down 2.3 percent from the previous year, hit by an overall sales fall. The company, however, generated robust sales of 40.65 trillion won, up 7.6 percent during the same period.

The company said it will place its management focus on defending its profitability by widening sales for hybrid vehicles and SUVs, at a critical juncture when the global EV industry shows no immediate signs of a rebound.

Korea Times

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