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Hyundai aims to sell one million EVs per year by 2025

Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. The move will result in a 50% reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management in March.

“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 giving a timeframe for the plan.

While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs.

The automaker added that it aims to gradually expand battery EV offerings in key markets such as the United States, Europe and China with a goal for full electrification by 2040. Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market.

Facing tightening CO2 emission targets in Europe and China, all major automakers are accelerating their shift to EVs. The huge cost of developing electric motors and increasing the driving range of car batteries has already led some to say their days of investing in conventional engines are over.

“Hyundai has stopped developing new powertrains for internal combustion engine cars,” one of the people said.

PSA Group said in November, shortly before merging with Fiat Chrysler to form Stellantis, that it was no longer investing in combustion engines. Daimler has recently revamped its combustion engines and executives say the new generation will see it through the electrification process.


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Source: Reuters

Deepika Chauhan

Hello, I am Deepika Chauhan an automobile enthusiast. Presently working as a Media Manager and Writer. My aim is to guide and teach ways to manage, grow and scale business.
Earlier, I have been a part of Asian News International (ANI) as a Sub-editor cum Producer.

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