Hyundai Motor Group also revealed that it aims to sell about one million EVs per year by 2025 to achieve a 10 per cent share of the global EV market
Hyundai Motor Group is reportedly working to free up resources to increase its investments in electric vehicles by downsizing the number of combustion engine models in its line-up.
Citing two people aware of the development, a Reuters report said that the strategy was approved by top management in March. The move will result in a 5o percent reduction in models powered by fossil fuels, one of the people said, the report added.
The person said, “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.
Hyundai told the publication in an email that it was accelerating adoption of eco-friendly vehicles including hydrogen fuel cell vehicles and battery EVs, adding that it aims to gradually expand battery EV offerings in key markets such as the United States, Europe and China with a goal for full electrification by 2040.
Notably, Hyundai Motor Group also revealed that it aims to sell about one million EVs per year by 2025 to achieve a 10 per cent share of the global EV market.
The group will finalise its strategy to switch to all electric models within the next six months, one source said.
In April, Hyundai said it would cut the number of its gasoline models in China to 14 from 21 by 2025, while launching new electric models every year starting in 2022.