Hyundai is expressing optimism about the future of the car market in Canada, particularly for electric vehicles (EVs), despite a slowdown in demand for EVs in the United States. Don Romano, CEO of Hyundai Auto Canada Corp., believes that there is strong and growing demand for EVs in Canada, with the sector poised to expand as supply constraints ease. Romano notes that Hyundai is experiencing pent-up demand for their EVs in Canada, selling every unit they receive.
In contrast, he observes a decline in demand for EVs in the United States, leading to increased inventories and production cuts by some companies. Romano points out that stock prices of EV companies, including Tesla, are decreasing in the U.S., and the outlook is less favorable for some newer players in the industry. Hyundai's positive outlook for the Canadian EV market reflects the potential for sustained growth and consumer interest in electric vehicles, emphasizing the regional variations in market dynamics within North America.
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