United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Trump’s Approval of AI Chip Sales to China Triggers Bipartisan National Security Concerns 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Hyundai Motor Group will stop making internal combustion engines to hasten its transformation into an electric vehicle maker. The company said that electrification is unavoidable, so it will now work in that direction and ditch the fuel-powered vehicles.
According to The Korea Economic Daily, Hyundai Motor has closed down its engine development department which is stationed at the company’s research and development (R&D) headquarters and business insiders revealed this information late last week.
“Now, it is inevitable to convert into electrification,” KED Global quoted Park Chung Kook, the newly-appointed R&D chief as saying in an email that was sent to employees. “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 move to shutter the said division came as the automobile industry around the world is shifting to electric vehicles and it is happening faster than expected. EVs do not require a powertrain as they run on an electric motor thus the engine development unit is not needed any longer.
Hyundai Motor’s engine development was first established in 1983 and the company is scrapping it this month after almost 40 years. With the closure, the efforts will not be redirected to improve the automaker’s EV development division.
In the past, the EV development was under the powertrain units and now all the teams in the powertrain have been converted to electrification divisions. A battery development center was also established under the electrification to further strengthen advanced battery technology.
Hyundai Motor also formed a battery design team, a battery performance development team, and more for its EV development center. The carmaker along with its subsidiary, Kia Motors, is aiming to sell 1.7 million electric vehicles worldwide in 2026.
With the sudden shutdown, Business Korea reported that Hyundai Motor Group has officially terminated the engine development by announcing rules stating not to release any new models of internal combustion engines. This will also formally mark the transformation of its Powertrain team into the Electrification Development Team which will focus on R&D for electric vehicles.
