PARIS/SEOUL — Hyundai will slash the variety of combustion engine fashions in its lineup to free sources for electrical autos (EVs), two individuals near the South Korean automaker informed Reuters.
The transfer will lead to a 50% discount in fashions powered by fossil fuels, one of many individuals mentioned, including the technique was authorized by prime administration in March.
“It is a vital enterprise transfer, which at the beginning permits the discharge of R&D sources to deal with the remaining: electrical motors, batteries, gasoline cells,” the individual mentioned, with out giving a timeframe for the plan.
Whereas Hyundai didn’t particularly handle a Reuters question on its plans for combustion engine fashions, it mentioned in an e mail on Thursday that it was accelerating adoption of eco-friendly autos comparable to hydrogen gasoline cell autos and battery EVs.
The automaker added that it goals to progressively develop battery EV choices in key markets comparable to the USA, Europe and China with a purpose for full electrification by 2040.
Hyundai Motor Group, which homes the Hyundai and Kia and Genesis manufacturers, goals to promote about 1 million EVs per yr by 2025 to attain a ten% share of the worldwide EV market.
Dealing with tightening CO2 emission targets in Europe and China, all main automakers are accelerating their shift to EVs.
The large price of growing electrical motors and rising the driving vary of automotive batteries has already led some to say their days of investing in typical engines are over.
“Hyundai has stopped growing new powertrains for inner combustion engine vehicles,” one of many individuals mentioned.
PSA Group mentioned in November, shortly earlier than merging with Fiat Chrysler to type Stellantis, that it was now not investing in combustion engines.
Daimler has just lately revamped its combustion engines and executives say the brand new era will see it by way of the electrification course of.
Some automotive makers have already introduced plans to go absolutely electrical, with Sweden’s Volvo, which is owned by China’s Geely, saying it might try this by 2030.
Ford says its lineup in Europe can be absolutely electrical by the identical date.
For Hyundai, which along with Kia is among the world’s prime 10 auto teams, the transfer is especially necessary as a result of it has one of many broadest ranges of engine and transmission applied sciences within the trade.
The group will finalize its technique to change to all electrical fashions throughout the subsequent six months, one supply mentioned.
In April, Hyundai mentioned it might minimize the variety of its gasoline fashions in China to 14 from 21 by 2025, whereas launching new electrical fashions yearly beginning in 2022.
In February, the group mentioned it was now not in talks with Apple to develop an autonomous automobile.
Sources conversant in the matter mentioned the concept of the group changing into a contract producer for Apple encountered sturdy inner opposition.
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