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Exclusive-Hyundai to slash combustion engine line-up, invest in EVs – sources

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Reuters

By Gilles Guillaume and Heekyong Yang PARIS/SEOUL (Reuters) -Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. The move will result in a 50% reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management in March. “It is an important business move, which first and foremost allows the release of R&D resources to focus on the rest: electric motors, batteries, fuel cells,” the person said…

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