Seoul, June 17: A new car manufacturing plant by Hyundai Motor, South Korea's largest automaker, under construction in the US state of Georgia will prioritise producing electric vehicles despite a temporary fluctuation in market demand, the company's CEO said on Monday.

"Even though the demand for electric vehicles is temporarily fluctuating more than expected, we believe our direction toward electric vehicles is correct," said Chang Jae-hoon, president and CEO of Hyundai Motor, when asked by reporters in Seoul on how the company plans to operate Hyundai Motor Group Metaplant America (HMGMA), which is currently under construction in Georgia. Tata Nexon iCNG To Launch Soon in India; Know About Expected Specifications and Features.

"For now, electric vehicles are the top priority," Chang said. The Hyundai CEO was attending a business event hosted by the Georgia Gov. Brian Kemp, who was visiting South Korea to promote his state's strong business ties with Korean companies, reports Yonhap news agency.

Georgia has successfully attracted high-profile investments from big South Korean businesses, such as Hyundai Motor, SK, Hanwha and LG, in recent years. HMGMA is scheduled to be completed in the fourth quarter. The company also plans to produce hybrid vehicles at the plant.

"Georgia is not only a key area for our company but also the region where the most Korean companies have expanded, making it significantly important in terms of investment scale," Chang added. During his South Korean trip, which began last week, Kemp also met with key executives of other South Korean businesses, including those of SK Group and LG Group. Dubai Police Adds Tesla Cybertruck to Its Tourist Police Luxury Patrol Fleet (Check Pics).

Hyundai Motor and SK On, SK Group's battery arm, are also building a battery plant in Georgia with an annual production capacity of 35 gigawatt hours. SK On is also operating two of its own plants in Georgia.

(The above story first appeared on LatestLY on Jun 17, 2024 08:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).