Next in EV: Hyundai Committed to Producing More Electric Vehicles

Hyundai (HYMTF) started the 2023 New York International Auto Show on a high note with its new Ioniq 6 electric vehicle (EV). The Ioniq 6 won several awards, including the World Electric Vehicle of the Year, World Car Design of the Year, and World Car of the Year. They also unveiled the all-new Kona EV at the show.

During an interview with Yahoo Finance’s Seana Smith, Hyundai Motor America CEO Randy Parker talked about the widespread adoption of EVs.

He stated that people who are hesitant to purchase their first EV should consider hybrid vehicles as a good stepping stone. Additionally, Parker said the infrastructure in the United States needs to improve, as it can be challenging for some people to find charging stations.

So what’s next for Hyundai in the EV space? Watch the video to learn more.

Video transcript

RANDY PARKER: We're off to a terrific start at the New York International Auto Show. Because of the all new Ioniq 6, we won EV Car of the Year. We won Design Car of the Year, and we also won World Car of the Year. So an impressive start. And you're absolutely right. So we are launching the all new Ioniq 6. Just went on sale last month.

We're also launching the all-new Kona EV, which we just highlighted to the press. And we also we're launching the Disney Platinum 100 edition with our partnership through Disney. So a very special day for Hyundai in New York.

SEANA SMITH: One of the things when we talk about electric vehicles-- EV-- is widespread adoption. What do you think is really necessary in order to convert some of those buyers out there who are a little bit hesitant right now to purchase their first EV?

RANDY PARKER: Well, a great stepping stone for EV would be to take a look at a hybrid, because I know a lot of people are very concerned about range. A good stepping stone would be to get into a hybrid vehicle, and then slowly transition into an EV. The second thing I would say in terms of adoption is that in the United States, we've got to improve the infrastructure. I myself drive a drive an electric car. I've got a Level 2 charger in my garage, and I've got to tell you, I don't I'll ever go back to driving an internal combustion engine vehicle. But I know for some people, it's a little bit of a concern because of a range anxiety. But once you step into an EV, I don't think you'll ever go back to a gasoline car again.

SEANA SMITH: And Randy, pricing is another thing that's brought up a lot in terms of widespread adoption-- what's needed, lower pricing on EVs. We've got the Ioniq 6 right here, and I believe that's just over $40,000. How do you see Hyundai-- or do you see Hyundai-- as a player here in the cheaper EVs-- anything below $30,000, possibly?

RANDY PARKER: Well, the Kona EV will get you closer to that price point. The good thing about the Hyundai brand is that our goal is to try and create a seat for every purse. And we've got a wide range of EV vehicles that consumers can choose from at different price points.

SEANA SMITH: And I know Hyundai is making a push to produce more of its vehicles here within the US. You guys had a multibillion investment plan for production for Georgia. What can you tell us about that? And why Georgia?

RANDY PARKER: Yeah, we're very, very excited about our new EV metal plant that we're-- under construction right now in Savannah, Georgia. The investment is about $5.5 billion. It's going to create over 8,100 local jobs. We're also excited about that as well. And the state of Georgia, they've been very instrumental in helping us break ground in Georgia. And now we'll have two huge footprints in the United States-- one in Montgomery, Alabama, and the other one in Savannah, Georgia. So we're really, really excited about the future.

SEANA SMITH: All right, Randy. Well, we got the Ioniq 6 right behind us. I'm excited to get in this car. We're going to go take it for a spin.

- Let's go do it.

- And really get excited. Get in there. Figure out what has people so hyped up about this. Let's go.

RANDY PARKER: All right.

[MUSIC PLAYING]

SEANA SMITH: We got the sunroof open.

RANDY PARKER: Open up the sunroof.

SEANA SMITH: All right, Randy, so tell me just all about the bells and whistles, because when it comes to these new electric vehicles, everyone's so excited about what's on the screen and what you can do with it.

RANDY PARKER: Well, the first things first. You saw how beautiful the car is. The silhouette, the streamliner design--

SEANA SMITH: Very futuristic.

RANDY PARKER: The car is absolutely gorgeous. There you go.

SEANA SMITH: 360 view.

RANDY PARKER: The 360 view.

SEANA SMITH: And we can see our producers in the background here. But certainly, you really get-- because I think you can-- can you drag your finger? Here we go. Maybe that?

RANDY PARKER: Yeah, you can spin it around. There you go.

SEANA SMITH: There we go. And spin it around. That's really incredible.

RANDY PARKER: Tell me that's not pretty cool, right?

SEANA SMITH: Let's talk about range, because that's something that really sets the Ioniq 6 apart from some of its competitors out there. What does that range look like, and how do you keep track of it?

RANDY PARKER: Yeah, that's a great question. So the range is 361 miles on a full charge. And you can see right here in front of you on the screen right now-- this particular car has a range of 141 miles. So it's been driven around the track a few times. It's by far the most range that we have in any of the Hyundai brands. So at 361, you can pretty much go from LA to Las Vegas on a full charge.

SEANA SMITH: That's good, because a lot of people get that range anxiety. We've been--

RANDY PARKER: That's exactly right.

SEANA SMITH: --about it so much when it comes to EVs. Randy, from your perspective, Ioniq 6-- lots of comparison out there to the Tesla Model 3. What do you make of that?

RANDY PARKER: Tesla who?

[LAUGHING]

Well, you know what, I can't speak to the Tesla. Of course, I'm biased, but the Ioniq 6-- from a design standpoint and a technology standpoint, I don't think you can do any better.