Hyundai's product lineup to consists of 80% EV by 2040

Hyundai Motor Co. will raise the ratio of electrified vehicles in global sales from the current 1.5 percent to 80 percent by 2040.

The company aims to initially raise the ratio of all-electric and hydrogen fuel-cell electric vehicles to 30 percent by 2030 and gradually replace its product lineup in Europe with hydrogen or battery-powered models by 2035 and in other major markets by 2040.

Hyundai plans to expand the hydrogen-powered vehicle lineup to three from the sole model Nexo, by adding a multi-purpose vehicle and a sport utility vehicle.

The automaker also plans to reduce its carbon emissions by 75 percent in 2014 from the 2019 levels and reach carbon neutrality in 2045.

Hyundai's hydrogen car sales jumped 44 percent to 5,300 units in the first seven months from 3,600 units a year earlier, surpassing those sold by Toyota Motor Corp.'s 4,100 and Honda Motor Co.'s 200 units.

Beginning 2025, Hyundai's independent Genesis brand will only sell hydrogen or battery-based models 2025 to meet changing market demand.

Hyundai's overall sales jumped 18 percent to 2.64 million vehicles in the January to August period, from 2.24 million units in the year-ago period.

The South Korean carmaker aims to boost its sales this year by 11 percent to 4.16 million vehicles from the 3.74 million units it sold last year.