Phoenix Motor News recently cited internal Hyundai sources as saying that Hyundai will drastically cut back on fuel models to free up resources to invest in electric vehicles and boost the electrification of its lineup; it is launching models such as the IONIQ 5 to enhance its electric vehicle line-up, according to Reuters.
The strategy, which was approved by top management in March this year, will result in a 50 per cent reduction in Hyundai's fuel models, sources said. "This is an important commercial initiative, starting with getting R&D resources to focus on electric motors, batteries, fuel cells and so on." No timeline for the plan has been given for the announcement.
In response, Hyundai would not comment, but in a May 27 email, it said it was accelerating the launch of environmentally friendly models such as hydrogen fuel cell cars and electric vehicles.
Hyundai also said it plans to gradually expand its electric vehicle offerings in key markets such as the US, Europe and China, with the goal of full electrification by 2040.
Hyundai Motor Group's three brands, Hyundai Motor, Kia Motors and Genesys, aim to sell around one million electric vehicles per year by 2025 and have a 10 per cent share of the global electric vehicle market.
Major global car companies are accelerating their shift to electric vehicles in the face of tightening CO2 emissions targets in Europe and China. The huge cost investment by car companies in three-electric systems and increasing the range of their cars' batteries has led to a widespread belief in the industry that the days of investing in conventional engines are over.
Reuters quoted people familiar with the matter as saying, "Hyundai has stopped developing new powertrains for internal combustion engine vehicles." Hyundai and Kia are among the world's top 10 auto groups with a wealth of engine and transmission technology, and this transition is significant in the auto industry.
Last November, Peugeot Citroen PSA said it would no longer invest in internal combustion engine technology ahead of its merger with Fiat Chrysler FCA to form Stellantis. Some car companies have also announced plans to go fully electric, with Geely Group's Volvo saying it will do so by 2030. At the same point in time, Ford's European lineup will be fully electrified.
Hyundai Group will finalise its strategy for full electrification within the next six months, a source said.
In April this year, Hyundai said it would reduce the number of petrol models in China from 21 to 14 by 2025, while launching new electric models every year from 2022 onwards.
In February this year, Hyundai was rumoured to be partnering with Apple to build cars, with sources close to the situation revealing that the idea of becoming an Apple foundry was strongly opposed internally. Hyundai has since said it is no longer in talks with Apple about developing a smart car.
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