South Korean auto giant Hyundai Motor Co said, it is in the process of creating a family of electric vehicles which will be sold under the Ioniq brand which it expects to become the world’s third-largest EV seller by 2025, said the company.
The “elevation of Ioniq from an individual vehicle nameplate to a brand” will support Hyundai’s goal of capturing 10% of the global EV market in 2025”, said the company.
With electric vehicles slowly gaining traction in most major markets, Hyundai’s main competitors are likely to be Volkswagen AG and General Motors Co, both of which have announced plans on building and selling millions of EVs by 2025.
According to electric vehicle pioneer Elon Musk, Tesla Inc’s CEO, the carmaker aims to retain its lead and expects to sell “a few million” vehicles in 2025.
Hyundai had launched Ioniq as a vehicle name plate under the Hyundai brand. The compact hatchback offered a choice of three powertrains, i.e., pure battery-powered electric vehicle, conventional gas-electric hybrid, and a plug-in hybrid. These models will continue to remain in production.
From 2021, the company plans on introducing three all-electric models under the Ioniq brand. While the Ioniq 5 will be based on a midsize crossover based on the 2019 Hyundai 45 concept, the carmaker plans on launching the Ioniq 6 sedan in 2022 which will be based on the Hyundai Prophecy concept, and in 2024, Hyundai plans on launching the Ioniq 7, a large crossover.
All three Ioniq models will be built on the dedicated E-GMP, Electric Global Modular Platform, which will “enable fast charging capability and plentiful driving range,” said the company in a statement.