Leopoldo Satrústegui, president of Hyundai Spain, has called the ‘made in Europe’ requirement in the new Auto+ electric vehicle subsidy plan a mistake. He argues subsidies should be equal for all models and criticizes the price and battery criteria. He also announces the launch of premium brand Genesis in the Spanish market this year.
Spain's new Auto+ program for electric vehicles, not yet approved, uses criteria like European manufacturing to set subsidies up to 4,500 euros plus 1,000 from brands. This aims to shield EU production from rivals like China but impacts Hyundai, which makes several models outside Europe.
“I think the made in Europe component is a mistake; aid should be equal for all,” Satrústegui told Cinco Días. Its cheapest model, Inster, is built abroad and loses 25% of the incentive, while the Kona electric and Tucson plug-in are made in Europe. He calls the European battery criterion, worth 10% of aid, a “mess.”
Satrústegui challenges the price cap: vehicles under 35,000 euros excluding VAT get full aid, but those over 45,000 euros are ineligible. “It’s negative because we need to convince customers to buy electrics as first cars, which are usually pricier,” he argues, while welcoming the 400 million euro fund expected to last until mid-year.
Electrics made up 9.2% of Spain's passenger car market in February, per Anfac. Hyundai forecasts 11-12% this year, depending on Auto+ duration. Meanwhile, the firm will introduce Genesis in the second half, with three fully electric models and dealerships in Barcelona, Madrid, and Valencia, targeting 3,000 annual premium sales.
