According to the Korea Economic Daily:
Hyundai Motor Group, South Korea’s top automaker, will stop developing new internal combustion engines in order to accelerate its transformation into an electric vehicle manufacturer.
Hyundai Motor Co., the group’s larger carmaker, closed its engine development division at its research and development center, according to industry sources on Dec. 23. The Namyang R&D Center in South Korea is the group’s brain with about 12,000 researchers.
“Now, it is inevitable to convert into electrification,” said the newly appointed R&D chief Park Chung-kook in an email to employees. “Our own engine development is a great achievement, but we must change the system to create future innovation based on the great asset from the past.”
The move came as the global automobile industry is moving towards EVs more rapidly than expected. An EV, which runs on an electric motor, does not need a powertrain, which includes an internal combustion engine and a transmission.
The engine development team was established in 1983 as the late Chung Ju-yung, Hyundai Group founder and grandfather of current Hyundai Motor Group Chairman Chung Euisun, ordered that the company make its own engine.