Hyundai Motor is taking a keen interest in Electric Vehicles in recent times. Reportedly, it will soon bid adieu to its gas-powered Genesis vehicles in the coming years. The luxury brand of Hyundai will be seen going ‘all-electric’ said the Hyundai official on Thursday.
As the world soon enters the week of World EV Day, the South Korean automobile market shared two important pieces of news. The company has invested in a Korean Startup, EVAR, while it has also started to shift its Genesis focus on electric cars.
Hyundai Motor Group Chairman Chung Eui Sun made a public statement on Thursday regarding its further plans with Genesis. He said the company would gradually stop the operations and production of standard gas-powered cars by 2025. The move will make the first Hyundai-owned automobile firm to undergo a complete shift to electric vehicles.
“Genesis has been on an intensive, bold, and successful journey, successfully establishing itself as a truly global luxury brand,” Chung said. “It is once again at the starting point of another audacious journey, the journey toward a sustainable future,” he further added.
The chairman Chung Eui Sun put forward its Electric Vehicles focused vision for automobile brand Genesis. He made the statement in a YouTube live session on the company company’s official YouTube channel. Further, he shared his plans on the brand’s vision to go carbon neutral by 2035.
The automakers suggest, to achieve the carbon-neutral aim, we will have to acknowledge the value chain, the needed resources and be aware of the operation of the work sites.
Hyundai’s investment in EVAR explains how the brand visions a complete shift and expansion in the electric vehicle sector. Reports elucidate the whys and wherefores of the EVAR investment story.
EVAR is a startup into Electric Vehicle Automatic Recharging, which has raised the US $4.7 million to 5.5 billion investment in its Series A. Apart from Hyundai Motor Company, which is a major stakeholder, other companies also showed financial interest. It includes DSC Investment, GD Global, Gentium Partners, Samsung Venture Investment and Schmidt, and Shinhan Capital.
The EV solution startup has put in collaborative efforts in EV stations and subscription charging and consequently planned future expansion programs. The moves are said to be taken to strengthen their position as a leading EC charging solution company in the country.
