Hyundai to shift focus on EVs; stops IC-engine development

Hyundai will cut down its IC-engine model lineup by 50% and shift focus towards EVs.

Hyundai is said to soon start cutting down the number of IC engines on offer. The company will instead shift its focus towards electric vehicles.

According to a media report, the move to shift the company's focus to EVs has already received approval from its board members. Hyundai could soon cut down on at least 50% of its combustion engine-powered models, although an exact timeline for this is yet to be announced.

Reports suggest that the move has been made in order to allow Hyundai to free up resources and funding. These can then be used to focus on EVs and develop technologies such as electric motors, batteries and fuel cells. Hyundai is expected to go fully electric by 2040, however, it will initially focus on introducing zero-emission vehicles in key markets like the USA, Europe and China.

The company is also said to have stopped the development of powertrains for IC-engine vehicles. Reports also suggest that Hyundai is currently working on finalising its electrification strategy, which will be ready in the next six months.

In terms of short term goals, Hyundai along with its sister brands, Kia and Genesis, aim to sell one million electric vehicles worldwide by 2025; translating to 10% of the global EV market share.

Source: Reuters