This rumor is a result of major management changes at Hyundai.
Update: Additional information reported by The Korea Economic Daily.
Manufacturers are racing to be ready for the electric future. While many companies have already made verbal promises to go all-electric, Hyundai may be making a bold move by halting the development of future internal combustion engine technology.
This is the headline in an article by Business Korea, which was published just before Christmas. According to the website, Hyundai Motor Group has officially closed its engine development division at the Namyang Research Institute in Seoul. According to the article, the powertrain division of Hyundai Motor Group was reorganized into an electrification team and a battery development group.
Korea Economic Daily reports the closing, citing unnamed sources in the industry and an email from Chung-Kook Park, Hyundai’s new R&D chief, to employees saying: “Our engine development is a great accomplishment, but we need to change the system to create future innovations based on the great assets from the past.
Hyundai has not yet made an official statement regarding these claims. We have reached out to Hyundai representatives to verify the information and provide clarifications if necessary. If new information becomes available, we will update this article.
This rumor coincides with a major shakeup of upper-level management at Hyundai and a reshuffle . Albert Biermann, the company’s R&D chief, announced his retirement recently. Peter Schreyer, the design boss at Hyundai is also moving on to a new position. There were over 200 promotions in executive positions, most of which occurred in R&D.
A spokesperson for the company said that many of the new appointments are the next generation leaders and were recognized for their contributions to the Group’s continued success.