The corporate says the mannequin is predicated on a brand new electrical vehicle-only platform that makes use of its personal battery module know-how and requires fewer elements than Hyundai’s current electrical automobiles, enabling sooner manufacturing at decrease price.
The launch of Ioniq 5 is the linchpin of Hyundai’s long-term aim to seize 10% of world EV gross sales by 2025, up from a mixed market share of seven.2% for Hyundai and Kia collectively in the course of the January-September interval in 2020, in response to trade tracker SNE Analysis. Hyundai Motor and its sister firm Kia Corp collectively purpose to promote 1 million EVs in 2025.
“We anticipate this yr’s (world) EV demand will improve greater than 30% versus final yr,” Hyundai Motor President Chang Jae-hoon informed a information convention.
The Ioniq 5 could have a most driving vary of about 480 kms (298 miles), up practically 20% from the Kona EV, which beforehand had the longest vary amongst Hyundai’s EV lineup.
It would supply two battery pack choices – 58-kilowatt-hour (kWh) or 72.6 kWh – and can be out there in chosen areas beginning within the first half of 2021, Hyundai mentioned in an announcement.
The South Korean automaker didn’t disclose the worth of the Ioniq 5, however Hyundai Motor Europe President Michael Cole mentioned in Europe it will begin at about 42,000 euros ($51,100) earlier than authorities incentives.
Hyundai is concentrating on gross sales of 100,000 models globally subsequent yr, with about 30%-40% in Europe, 30% in North America and 20% in South Korea.
“Hyundai will be capable to improve its presence within the world EV market because it provides a brand new EV, contemplating that the corporate confirmed strong efficiency with its main EV Kona Electrical,” mentioned Kevin Yoo, an analyst at eBEST Funding & Securities.