Hyundai to raise EV ratio to 80% by 2040, to gradually replace its product lineup with hydrogen or battery-powered models

Carmaker Hyundai Motor has said that it will raise the ratio of electric vehicles to 80 percent 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 percent by 2030, reports Yonhap News Agency.

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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.

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.

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.

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