Hyundai to up EV ratio to 80% by 2040

All-electric and hydrogen fuel-cell electric vehicles currently account for a mere 1.5 per cent of Hyundai's global sales and it initially aims to raise the ratio to 30 per cent by 2030, reports Yonhap News Agency. To achieve the aim, Hyundai said it will gradually replace its product lineup sold in Europe with hydrogen or battery-powered models by 2035 and in other major markets by 2040.

Carmaker Hyundai Motor has said that it will raise the ratio of electric vehicles to 80 per cent by 2040 in global sales.

All-electric and hydrogen fuel-cell electric vehicles currently account for a mere 1.5 per cent of Hyundai's global sales and it initially aims to raise the ratio to 30 per cent by 2030, reports Yonhap News Agency.

Advertisement

To achieve the aim, Hyundai said it will gradually replace its product lineup sold in Europe with hydrogen or battery-powered models by 2035 and in other major markets by 2040.

Also Read | Hyundai slips to 6th place in global EV market in 2021 1st half

Advertisement

Hyundai plans to expand the hydrogen-powered vehicle lineup to three from the sole model Nexo. The two additional models will be a multi-purpose vehicle and a sport utility vehicle, it said.

The company did not provide the timeframe for the lineup expansion.

Advertisement

In related efforts, Hyundai plans to cut its carbon emissions by 75 per cent compared to the 2019 levels by 2040 and targets to reach carbon neutrality, or net-zero carbon dioxide emissions, in 2045, the report said.

Also Read | Hyundai's June YoY total sales up over 100%

Advertisement

Carbon neutrality can be achieved by either balancing carbon emissions with carbon removal or by cutting carbon emissions entirely, it added.

Advertisement
tags