Updates of manufacturers putting big stock and investment into electrification is coming thick and fast. Just yesterday Ford announced a significant rise in investment into EV tech, and now it looks like Hyundai is taking a step towards phasing out internal combustion altogether.
According to an overnight report from Reuters, Hyundai has already stopped development of its internal combustion engines. The publication claims to have two sources close to the company who have confirmed this.
A stop in development doesn’t necessarily mean all ICE Hyundais will cease to exist immediately. Rather, it means that the petrol engines Hyundai currently offers are unlikely to be superseded by new, improved petrol engines (unless those engines are already complete and ready for duty, having been quietly developed in the background).
The report claims that Hyundai has an internal target of 2040 for the full phasing out of internal combustion vehicles. It adds that the company will finalise its targets in the next six months before making a formal announcement.
For what it’s worth, Hyundai themselves didn’t deny the rumours. Speaking to Reuters, a Hyundai spokesperson said the brand hopes to increase its electric offerings in the US, Europe, and China, adding that it is “accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs.”
The news comes hot on the heels of Hyundai’s confirmation of a $10.3billion investment into electric car production. An Ioniq 6 is scheduled to be unveiled next year, alongside an electric Genesis GV70.
“This investment demonstrates our deep commitment to the U.S. market, our dealers and customers,” added Jose Munoz, Hyundai Motor Company’s chief operating officer.
“Hyundai will lead the future of mobility in the United States and around the world. Our efforts are proof positive that Hyundai will continue to pursue excellence in our current and future product line-up.”