Hyundai Motor has launched a new IONIQ brand dedicated to battery electric vehicles, as the automaker is accelerating its efforts to gain a share in the fast-growing global EV market.
Under the IONIQ brand, Hyundai plans to introduce three new dedicated electric vehicle models over the next four years. Hyundai is South Korea's largest automaker.
Hyundai recently said it was planning to sell one million units of battery electric vehicles and gain a 10 percent share in the global EV market by 2025.
Under the company's "Strategy 2025," Hyundai aims to become the world's third-largest automaker of eco-friendly vehicles by 2025, with 560,000 BEV sales in addition to FCEV sales.
The term IONIQ is a fusion of "ion" and "unique". Based on Project IONIQ, Hyundai introduced a vehicle named Ioniq in 2016. The Ioniq offers a choice of three electrified powertrain options such as hybrid electric, plug-in hybrid and battery electric, within a single body type.
Hyundai will launch a range of numerically named EVs under the new brand, similar to the alphanumeric names used by bigger rivals such as BMW and Volkswagen for their models. Hyundai will use odd numbers for its SUVs and even numbers for sedans.
The first production model to be launched under the IONIQ brand will be the Ioniq 5 midsize crossover utility vehicle or CUV in early 2021. The Ioniq 5 is based on the concept EV '45' unveiled by Hyundai at the International Motor Show 2019 in Frankfurt.
Hyundai will introduce the Ioniq 6 sedan in 2022, which is based on its latest concept EV 'Prophecy' unveiled in March. This will be followed by the launch of a large SUV, the Ioniq 7, in early 2024.
The IONIQ brand models will sit atop the Electric Global Modular Platform, known as E-GMP, which will enable fast charging capability and long driving range.
Among other major automakers, BMW Group has said it plans to expand its range to include 25 electrified models by 2023, more than half of which will run on electric power alone.
U.S. automaker Ford in November last year had unveiled its all-electric, "Mustang-inspired SUV", which will come to market in late 2020. The vehicle is expected to have a targeted EPA-estimated range of at least 300 miles.
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