Investing fully in electric vehicles, Hyundai will cut internal combustion engine models by 50%

Generation Motor will cut around 50% of its traditional internal combustion engine models, thereby devoting more resources to electric vehicles. The plan was approved by corporate executives in March, according to people familiar with the matter.

Hyundai Motor previously planned to increase annual sales of electric vehicles to 1 million units by 2025, accounting for 10% of the global electric vehicle market, and finally achieve a complete electrification transformation in 2040. In the Chinese market, Hyundai plans to reduce the number of traditional internal combustion engine models from 21 to 14 by 2025, and launch new electric models every year starting in 2022.

Recently, some media reported that Hyundai Motor will significantly reduce the number of traditional internal combustion engine models in its product line, thereby devoting more resources to the field of electric vehicles.

Hyundai will cut around 50 percent of its traditional internal combustion engine models, according to people familiar with the matter, a plan that was approved by corporate executives in March. “This move is an important commercial move, which allows R&D resources to be more concentrated in electric vehicles, batteries, fuel cells, etc.,” the person said.

The timetable for the implementation of the plan was not disclosed. But ON Thursday (May 27) local time, Hyundai Motor announced that it is accelerating the layout of hydrogen fuel cell vehicles and electric vehicles, and plans to gradually expand the supply of electric vehicles and batteries in major markets such as China, the United States and Europe. The ultimate goal is to Complete electrification transition by 2040.

At present, the Hyundai Motor Group includes three brands of Hyundai, Kia and Genesis. The group plans to increase the annual sales of electric vehicles to 1 million units by 2025, accounting for 10% of the global electric vehicle market. In the Chinese market, Hyundai Motor plans to reduce the number of traditional internal combustion engine models from 21 to 14 by 2025; and from 2022, it will launch new electric models every year.

Hyundai Motor has stopped developing new powertrains for traditional combustion engine models to meet its electrification goals, people familiar with the matter said.

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