Hyundai Focuses on EV Models, Isn't Abandoning ICE Cars

Mohit Oberoi, CFA - Author

Jan. 4 2022, Published 11:19 a.m. ET

Over the last year, several legacy automakers have committed themselves to a zero-emission future. America’s largest carmaker, General Motors was among the first companies to put a hard deadline on ICE (internal combustion engine) cars. General Motors said that it won’t sell ICE cars after 2035. Reports have suggested that Hyundai Motors, which is South Korea’s biggest automaker, plans to halt the development of future ICE engines. How many EV models does Hyundai have?

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Apart from battery-electric cars, automakers like Hyundai, Toyota Motors, and Honda Motors are also investing in fuel cell technology. The latest fuel cell technology has the potential to significantly increase the vehicle’s range and towing capacity and it's especially helpful in the long-haul trucks.

Hyundai has denied reports that it's halting the development of ICE engines.

Reports suggest that Hyundai has put its plans for fuel-cell technology for the Genesis brand on hold. Tesla CEO Elon Musk has been among the biggest critics of fuel cell technology. Meanwhile, putting the rumors to rest, Hyundai has denied the reports that it's halting the development of new ICE engines.

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“Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation. The Group is dedicated to providing a strong portfolio of powertrains to global customers, which includes a combination of highly efficient engines and zero emissions electric motors,” said Michael Stewart, the Senior Group Manager at Hyundai Motor America in his response to

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When does Hyundai plan to stop selling ICE cars?

Hyundai plans to stop selling ICE cars in Europe by 2035. The company expects its global portfolio to be zero-emission vehicles by 2040. The company’s pivot towards zero-emission vehicles is much slower than other companies. For example, Ford said that it won't sell ICE cars in Europe in the next decade.

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Europe has been at the forefront in the global transition towards electric cars. It's also the new battleground for EV companies. NIO and Xpeng Motors have started deliveries in Norway. NIO plans to expand to more markets in Europe in 2022. Tesla has also set up its Gigafactory in Berlin and hopes to snatch the leadership position from Volkswagen.

How many electric car models does Hyundai have in the U.S.?

While Hyundai has several hybrid models in the U.S., the portfolio only has two all-electric models—the Ioniq Electric and Kona Electric. In 2022, the company will develop the third all-electric model, the Ioniq 5. It's an SUV all-electric model and the first model from Hyundai that has been developed purely as an electric model.

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The Ioniq 5 is sold in select states and the reservations for the model, which would have an estimated range of up to 300 miles with a rear-wheel-drive option, is currently closed. The model has four versions, SE Standard Range, SE, SEL, and Limited. The base price ranges are between $39,700 and $50,600.

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Hyundai plans to launch new electric models.

Hyundai only offers the three models in other regions like Europe and China. The company plans to launch several electric models in China in a bid to increase its market share in the world’s biggest automotive market.

Apart from these models, Hyundai has hybrid models including the Sonata brand. In 2020, the Sonata hybrid also featured embedded solar panels, which helped increase the range from solar charging.


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