Hyundai has confirmed that it will be trimming down the number of internal combustion engines and instead funnel the funds into developing electric vehicles, two people close to the company told Reuters. They said the move will see up to 50% of its fossil fuel-powered models get trimmed, and that the strategy has already received board approval.
“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 providing a timeline. The Korean automaker later said in an email that it was accelerating the adoption of more environmentally friendly motoring technologies such as hydrogen fuel cell vehicles and battery electric vehicles.
Its electrification roadmap isn’t as aggressive as rival automakers that pledged to go full electric by 2030. The sources told the newswire that Hyundai’s target for full electrification is 2040, but will gradually expand the zero-emissions line-up in key markets such as the United States, Europe and China.
The short term goal is to sell one million EVs worldwide by 2025, equating to about 10% of the world’s EV market share. In April Hyundai said it will be reducing one-third of gasoline-powered vehicles in China through 2025, from 21 models currently to 14. At the same time, it will be launching new electric models every year in the republic, starting 2022.
“Hyundai has stopped developing new powertrains for internal combustion engine cars,” one of the sources said, adding that the group will finalise its electrification strategy in the next six months.
Meanwhile, the Hyundai Nexo just recently set a new world record for the longest distance travelled by a series production, hydrogen-powered vehicle. Australian rally driver Brendan Reeves drove the Nexo from Essendon Fields in Melbourne to Broken Hill, covering 887.5 km over 13 hours, with an average speed of 66.9 km/h.
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