SEOUL (Reuters) – South Korean automaker Hyundai Motor Co launched its midsize crossover Ioniq 5 on Tuesday, the first in a planned family of electric vehicles (EV) that hopes to place it in third place among global car manufacturers. EV in 2025.
The company says the model is based on a new exclusive platform for electric vehicles that uses its own battery module technology and requires fewer components than Hyundai’s existing electric cars, allowing for faster production at a lower cost.
The launch of the Ioniq 5 is the basis for Hyundai’s long-term goal of capturing 10% of global EV sales by 2025, compared with a combined market share of 7.2% for Hyundai and Kia during the period from January to September 2020, according to SNE Research industry tracker. Hyundai Motor and its sister company Kia Corp together intend to sell 1 million EVs in 2025.
“We expect this year’s EV (global) demand to increase by more than 30% over last year,” Hyundai Motor President Chang Jae-hoon said at a news conference.
The Ioniq 5 will have a maximum range of about 480 km (298 miles), almost 20% more than the Kona EV, which previously had the longest range among the Hyundai EV line.
It will offer two battery options – 58 kilowatt-hours (kWh) or 72.6 kWh – and will be available in select regions from the first half of 2021, Hyundai said in a statement.
The South Korean automaker did not disclose the price of the Ioniq 5, but Hyundai Motor Europe President Michael Cole said the starting price would be around 42,000 euros ($ 51,100) before government incentives.
Hyundai targets sales of 100,000 units globally next year, with around 30% -40% in Europe, 30% in North America and 20% in South Korea.
“Hyundai will be able to increase its presence in the global EV market by adding a new EV, considering that the company has shown solid performance with its flagship EV Kona Electric,” said Kevin Yoo, an analyst at eBEST Investment & Securities.
(Reporting by Heekyong Yang; Editing by Stephen Coates)
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