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Hyundai to invest in EVs, cut down on combustion mill 28 May 2021 3:27 pm / 0 comments Hyundai has confirmed that it will be trimming down the number of internal combustion engines and instead funnel the funds into developing electric vehicles, two people close to the company told Reuters. They said the move will see up to 50% of its fossil fuel-powered models get trimmed, and that the strategy has already received board approval. “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 providing a timeline. The Korean automaker later said in an email that it was accelerating the adoption of more environmentally friendly motoring technologies such as hydrogen fuel cell vehicles and battery electric vehicles.

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