Why Hyundai is tripling down on Ioniq brand with three EV launches starting 2021
Hyundai wants to lead the electric vehicle charge by example but may have - much like many established players - lost quite some ground to Tesla. This is most evident in the home market of South Korea where Tesla has managed to gain a firm foothold and its Model 3 car has become the most imported EV ever. But a fightback is in the offing with Hyundai recently announcing the launch of Ioniq brand dedicated to EVs and revealing plans of bringing out three cars under it starting 2021.
Hyundai has set its sights firmly on seizing some of the initiative in the EV space and has said that under the Ioniq brand, it will drive out three electric cars in the next four years. The contributing factors behind the move is a recognition of an increasing market demand and its mission to lead the way.
To achieve Ioniq's brand mission, Hyundai says it will combine its current EV capabilities – such as ultra-fast charging, spacious interior, and battery-supplied power – with future innovations that combine design, technologies and services to integrate in-car and out-of-car experiences for a seamless journey.
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As such, the Korean car maker will be launching a range of numerically named EVs under the new brand - Ioniq 5, Ioniq 6 and Ioniq 7.
Ioniq 5 - a midsize CUV - will be the first off the block with an early 2021 launch. This will be followed by Ioniq 6 sedan which is based on the company's latest concept EV - Prophecy. While Ioniq 6 is expected 2022, it is Ioniq 7 that will be the biggest highlight by the time 2024 arrives, thanks to the large SUV's striking design elements.
Hyundai Motor Group also highlights that it aims to sell 1 million units of battery electric vehicles by 2025. It has taken a clear aim at capturing 10% share in the global EV market which would hand over the crown to it.
It is an ambitious objective but one that is relevant in an automotive space fast moving towards electric mobility. In what termed by many as a 'fight and adapt, or perish' situation, Hyundai appears to be ready to punch big.