The South Korean automaker will stop developing new internal combustion engines and cut the production of ICE-based cars by 50%, freeing up the resources for EV research and development.
The corresponding plan was apparently approved and published a few months ago, but Hyundai neglected to make a press statement about it. It did mention picking up pace designing models working off renewable energy sources, meaning not just electricity, but fuel cells as well.
For the time being, the new strategy will only apply to the main distribution markets of North America, China and Europe. Hyundai expects 100% electrification there in a couple of decades. The other countries will continue to get cars with updated petrol and diesel powertrains.
By 2025, the marque expects to bump its annual EV sales to 1,000,000 units. You may remember that the Hyundai Ioniq 5 featured in our gallery and the video here debuted in February and instantly became a pre-order hit.
Other carmakers have also voiced intentions to abandon fossil fuel engines, notable examples including Audi, Ford, Honda and Volvo.