Hyundai Motor Group will liberate more sources to accelerate the development of electric vehicles and other related technologies
With global auto giants switching their focus from IC-engined vehicles to electric mobility solutions, Hyundai Motor Group will reportedly reduce resources on traditional combustion vehicles to concentrate more on zero-emission vehicles. The strategy will help in the South Korean conglomerate reducing the number of fossil-fuel powered vehicles to half.
The move will enable the release of more R&D sources that can be used for developing electric motors, fuel cells and batteries amongst other technologies. Hyundai has said that it will accelerate the adoption of eco-friendly vehicles like BEVs and FCEVs, and is one of the key players in fuel cell tech development when most others have given up on it.
In developed markets like THE United States, China and Europe, Hyundai will expand its battery offerings with the aim to become fully electric by 2040. Hyundai, Kia and Genesis focus on selling one million electric vehicles every year by the middle of this year, in order to reach its goal of achieving 10 per cent EV market share globally.
Across the globe, automakers are finding it harder to meet the stringent emission standards and the transition towards EVs is well and truly on. Volkswagen Group, Daimler, Ford, GMC and others are showing increased interest in rolling out eco-friendly vehicles over the last year and Hyundai recently debuted the retro-styled Ioniq 5.
Hyundai has reportedly stopped development on new “powertrains for internal combustion engine cars” and it comes on the back of Groupe PSA openly revealing that it won’t make any more investments into new IC engines late last year. Volvo has expressed its intentions to go fully electric as early as 2030, as does Ford by the same timeline.
Within the next six months, Hyundai Motor Group will finalise its strategic switch to EVs. However, the brand said it was not in association with Apple for developing self-driving vehicles last month. In the Indian market, Hyundai sells the Kona Electric as its only EV and a budget-friendly zero-emission vehicle is in the pipeline for the near future.