Jung-hee Kim, Gounee Yang

Global Economic News

HYUNDAI Motor Group will speed up its electrification strategy this year, following the successful launch of its first electric vehicle (EV) for each brand, including Hyundai Motor’s Ionic 5, Kia’s EV6 and Genesis’ GV60, in 2021.

The group will focus its business mainly on EVs, rather than internal combustion engine vehicles. It also raised its EV sales target from 1 million units in 2025 to 1.7 million units in 2026, and is also accelerating reorganization and investment.

Hyundai Motor removed its engine development center in its R&D headquarters last month and decided to focus on electrification.

It changed the name of powertrain division to electrification division, and newly established the battery development center. Instead of eliminating the engine development center, it will put it under the electrification division.

Hyundai Motor also transferred teams under the engine development center to various organizations at the R&D center to continue developments on engines.