A Hyundai spokesman has denied reports its Hyundai Motor Group parent, which is also responsible for the Genesis and Kia brands, is in the process of winding down development of internal-combustion engines to fully focus on electric powertrains.

"Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation,” Hyundai spokesman Michael Stewart told Motor Authority. “The Group is dedicated to providing a strong portfolio of powertrains to global customers, which includes a combination of highly efficient engines and zero-emissions electric motors.”

The media speculation in question is a report published last month by The Korea Economic Daily, which claimed HMG is stopping development of new engines and had already closed the engine development department located at its main R&D center in Hwaseong, South Korea.

Though HMG will continue to develop engines, there will likely be a time in the not too distant future when it does finally cease and shift its focus to electric pwoertrains. Many automakers have committed to offering electric lineups within the decade, including Genesis which last September said it plans to offer only electric vehicles by 2030, including battery-electric and hydrogen-electric options.

Hyundai and Kia have also announced plans to launch multiple EVs in the coming years. For example, Hyundai already offers the Kona Electric, Ioniq Electric, and Ioniq 5 in the U.S., and in the coming years will add an Ioniq 6 electric sedan and Ioniq 7 electric large crossover. Kia will launch its own versions of most of these, as already seen with the Ioniq 5 and Kia EV6 twins.

HMG is also allocating resources for development of hydrogen infrastructure. Part of this will be used to advance hydrogen fueling and hydrogen-electric powertrains for transport trucks. Hyundai is working closely with truck powertrain expert Cummins in this area.

Update: The article has been updated to reflect information given in comments made by a Hyundai spokesman.