Hyundai to slash combustion engine line-up, put money into EVs


The automaker added that it goals to steadily broaden battery EV choices in key markets comparable to america, Europe and China with a objective for full electrification by 2040.

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Hyundai Motor Group will slash the variety of combustion engine fashions in its line-up to liberate sources to put money into electrical autos (EVs), two individuals near the South Korean automaker instructed Reuters.

The transfer will lead to a 50% discount in fashions powered by fossil fuels, one of many individuals mentioned, including the technique was accredited by prime administration in March.

“It is an important business move, which first and foremost allows the release of R&D resources to focus on the rest: electric motors, batteries, fuel cells,” the particular person mentioned, with out giving a timeframe for the plan.

Whereas Hyundai didn’t particularly tackle a Reuters question on its plans for combustion engine fashions, it mentioned in an electronic mail on Thursday that it was accelerating adoption of eco-friendly autos comparable to hydrogen gas cell autos and battery EVs.

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Hyundai added it should attempt to enhance the effectivity of its inside combustion engine automobile line-up in rising markets.

The automaker added that it goals to steadily broaden battery EV choices in key markets comparable to america, Europe and China with a objective for full electrification by 2040.

Hyundai Motor Group, which homes Hyundai Motor Co and Kia Corp and Genesis, goals to promote about a million EVs per 12 months by 2025 to realize a ten% share of the worldwide EV market.

Dealing with tightening CO2 emission targets in Europe and China, all main automakers are accelerating their shift to EVs.

The massive price of creating electrical motors and growing the driving vary of automotive batteries has already led some to say their days of investing in typical engines are over.

“Hyundai has stopped developing new power trains for internal combustion engine cars,” one of many individuals mentioned.

PSA Group mentioned in November, shortly earlier than merging with Fiat Chrysler to type Stellantis, that it was now not investing in combustion engines.

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Daimler has not too long ago revamped its combustion engines and executives say the brand new era will see it via the electrification course of.

Some automotive makers have already introduced plans to go absolutely electrical, with Sweden’s Volvo, which is owned by China’s Geely, saying it will try this by 2030.

Ford Motor Co says its line-up in Europe might be absolutely electrical by the identical date.

For Hyundai, which along with Kia is without doubt one of the world’s prime ten auto teams, the transfer is especially vital as a result of it has one of many broadest ranges of engine and transmission applied sciences within the trade.

The group will finalise its technique to modify to all electrical fashions throughout the subsequent six months, one supply mentioned.

In April, Hyundai mentioned it will reduce the variety of its gasoline fashions in China to 14 from 21 by 2025, whereas launching new electrical fashions yearly beginning in 2022.

In February, the group mentioned it was now not in talks with Apple to develop an autonomous automobile.

Sources conversant in the matter mentioned the concept of the group changing into a contract producer for Apple encountered robust inside opposition.