Both Business Korea and The Korea Economic Daily, both media in Hyundai's home nation, reported on the automaker's plan to shut its combustion engine R&D department.
Motor1.com immediately asked Hyundai to confirm or reject the South Korean media's allegations, and we now have an official statement from a corporate spokesperson. Michael Stewart, Senior Group Manager of Hyundai Motor America, told Motor1:
"Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation. The Group is dedicated to providing a strong portfolio of powertrains to global customers, which includes a combination of highly efficient engines and zero-emissions electric motors."
The decision isn't surprising given an official declaration made last September about being a 100% electric brand in Europe by 2035. With Euro 7 standards coming into force in the later half of this decade, Hyundai still has to work on combustion engines to make them cleaner and more efficient. By 2040, the Asian brand intends to offer solely EVs in the majority of key worldwide markets. Battery-electric and fuel cell electric vehicles should account for 80% of yearly sales in 18 years.
Hyundai has put a halt to its research and development of next-generation fuel cell technology. That, too, turned out to be untrue, as a company spokeswoman told the business publication Maeil Business that the story was unfounded: that the carmaker dismisses the conjecture, stating their roadmap on next-generation fuel cell research and electrification of the Genesis fleet remains intact.
Hyundai is pushing forward on all fronts by providing a diverse range of powertrains to cater to various consumer demands.