Hyundai says ‘Hi’ to electric cars, waving bye to combustion engines as it shifts gear to keep up

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The move will result in a 50 per cent reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management in March

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

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Hyundai Motor’s Cangzhou plant in Hebei province on November 15, 2019. Photo: Xinhua

Reuters

Published: 4:19pm, 27 May 2021Updated: 4:18pm, 27 May 2021

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 carmaker told Reuters.

The move will result in a 50 per cent 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 time frame 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.

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The carmaker added 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.