The R&D center ofHyundai in 2003
The year was challenging but not bad. It was a great year for new battery electric vehicles despite the chip shortage. More than half of the top 10 drives of the year were BEVs. If consumers can find one in stock, that's good for them.
No one should read too much into the end-of-year top 10 lists. The Korea Economic Daily reports that the internal combustion engine research and development division of the parent company of Genesis, Hyundai Motor Group, ceased operations on December 23.
Park Chung-kook, the new head of the R&D efforts, told the employees in an email that "our own engine development is a great achievement, but we must change the system to create future innovation based on the great asset from the past."
The researchers and engineers will work on electric engines instead of developing new gasoline or diesel-powered ones.
Volvo announced that it would end its internal combustion engine development, but the company seems to be having its cake while still eating it. In 2021, it spun off its entire engine operation into a new joint venture with its parent company.
I'm not the only one who sees the writing on the wall.
