EXCLUSIVE Hyundai to slash combustion engine line-up, invest in EVs - sources
Category: Health, Science & TechnologyVia: hallux • 3 weeks ago • 18 comments
By: Gilles Guillaume & Heekyong Yang - Reuters
Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters.
The move will result in a 50% reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management 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 person said, without giving a timeframe for the plan.
While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs.
Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market.