Electric vehicles are no longer taboo and many major car manufacturers are rolling out EV strategies that aim to take advantage of the rapidly changing car market which is shifting towards green mobility at a startling pace.
Yes, electric is the future and Hyundai is reportedly taking action to fast-track its transition into the electric vehicle realm.
A Reuters report has revealed that Hyundai will be cutting back on its Internal Combustion Engine (ICE) models with the aim of diverting resources into EVs and will result in a 50% reduction in ICE models.
Unnamed sources within Hyundai, however, didn’t provide a time frame for this new development but they did reportedly confirm that the brand was accelerating its efforts to produce more fuel cell vehicles and EVs. Hyundai’s EV plan will reportedly be finalised in the coming months.
Hyundai aims to be a fully electric brand by 2040 and by 2025, the Hyundai Motor Group, comprising Kia and Genesis, aims to sell over one million EVs per annum with the aim of capturing at least 10% of the global EV market. As for developing markets, Hyundai will aim to improve the efficiency of its ICE models.
EV uptake in South Africa is currently very slow but a recent auto green paper on the advancement of new energy vehicles in South Africa released by the Department of Trade, Industry and Competition aims to pave the way for South Africa to become a global producer of EVs.
Will it happen? Watch this space.
This article was originally published on Cars.co.za.
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