Hyundai's Strategy Shift to Hybrid Vehicles Amidst Electric Sales Slump

In response to a slump in sales of its electric cars during the first quarter of 2024, Hyundai has embarked on a strategic pivot towards hybrid vehicles The company is primed to utilize its electric car manufacturing plant situated in Georgia, USA, for the production of hybrid cars, with the goal of tapping into the burgeon global demand for such vehicles Although the factory is set to kick off operations in the final quarter of the current year, the specifics of the investment involved and its potential effects on the facility's launch timeline have not been disclosed. Hyundai is looking to boost its hybrid electric car sales by an ambitious 28 percent, setting a target of around 480,000 units for the year This strategic move is driven by a broad decrease in the global appetite for electric vehicles, with Hyundai bracing for stiff competition within the auto industry and the vagaries of the global economic climate Notably, the recent 17 percent surge in international sales of hybrid cars is playing a significant role in shaping Hyundai's new business direction..