Korean vehicle manufacturer Hyundai Motor is aiming to drastically cut down on cars based on fossil fuels in coming days. According to a report shared by news agency Reuters, sources close the company have confirmed that Hyundai wants to save its funds and resources to invest more in electric vehicles.

The company now plans to save its funds and resources so as to invest more in electrically powered vehicles. For this, Hyundai now plans to drastically reduce the number of cars that run on conventional sources of fuel, such as petrol and diesel.

The plan of Hyundai’s electric vehicles includes full electrification of cars and sell only electrically powered cars by 2040.

Hyundai has already revealed its EV roadmap earlier saying that it wants to achieve full electrification and sell only electric cars by 2040. It is also speeding up its efforts to adopt hydrogen fuel cell vehicles as an alternative to the conventional internal combustion engine (ICE) vehicles around the world.

Reuters quoted one of the sources close to the Hyundai Group as saying --
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 company also plans to sell one million battery electric vehicles by 2025. 

Hyundai Motor Group, along with the inclusion of Hyundai Motor, Kia and luxury car brand Genesis, plans to make up for a 10% share of the global EV market.

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