SEOUL -- Hyundai Motor will stop selling gas-powered Genesis vehicles by the end of the decade and field an all-electric fleet for the luxury brand, the South Korean automaker said Thursday.
Starting in 2025, all new Genesis models put on the market will either be electric vehicles or fuel-cell vehicles. As Genesis accounts for just over 3% of Hyundai's overall vehicle sales, the company will usher in its switch to electrics starting from high-end vehicles.
"Genesis is once again at the starting point of another audacious journey, the journey towards a sustainable future," Hyundai Chairman Chung Euisun said in Thursday's livestream. Chung also revealed a plan to turn the entire Genesis operation carbon neutral in 2035.
Genesis was first launched in 2015 and is sold in South Korea, North America, Europe and China, among other markets. The brand sold roughly 130,000 units last year, and announced its first electric vehicle, the GV60, just last month.
Hyundai plans to sell 400,000 Genesis vehicles in 2030, more than triple the performance in 2020.
The automaker has ramped up research and development spending with the purpose of phasing out gasoline vehicles. In December, Hyundai said it will invest 14.9 trillion won ($12.8 billion) over the next five years on developing EVs and fuel-cell vehicles.
The amount raises the previous year's spending plan by 40%. The funds will go toward developing technology for next-generation batteries and hydrogen fuel cells that will extend driving ranges on single charges.
However, the company has indicated that it will continue to develop and sell combustion engine vehicles for its mainstay Hyundai brand.