The move will result in a 50 percent reduction in models powered by fossil fuels. The move was said to have been approved by HMG’s top management last March.

The automaker added that it aims to gradually expand battery EV offerings in key markets such as the U.S., Europe, and China with a goal for full electrification by 2040.

Hyundai Motor Group, which includes Hyundai Motor and Kia and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10 percent share of the global EV market.

Facing tightening CO2 emissions targets in Europe and China, all major automakers are accelerating their shift to EVs.

The huge cost of developing electric motors and increasing the driving range of car batteries has already led some to say their days of investing in conventional engines are over.

However, for Hyundai, which together with Kia is one of the world's top ten auto groups, the move is particularly important because it has one of the broadest ranges of engine and transmission technologies in the industry.

The group will finalize its strategy to switch to full-electric models within the next six months, the report said.

Last April, Hyundai said it would cut the number of its gasoline models in China to 14 from 21 by 2025, while launching new electric models every year starting in 2022.