Launched a company South Korea’s Hyundai said Tuesday its new electric vehicle, IONIQ 5, is the first in a planned family of electric cars that it hopes will push it to third place among global electric vehicle manufacturers by 2025.
The company says the model is based on a new electric vehicle platform only that uses its own battery unit technology and requires fewer components than current Hyundai electric cars, allowing faster production at a lower cost.
And longer release IONIQ 5 is the cornerstone of Hyundai’s long-term goal of acquiring 10 percent of global electric vehicle sales by 2025.
This number represents an increase from the combined market share of 7.2 percent for Hyundai and Kia combined from January to September in 2020.
Together, Hyundai and its sister company Kia aim to sell 1 million electric vehicles in 2025.
“We expect global demand for electric cars this year to increase by more than 30 percent compared to last year,” Chang Jae-hoon, president of Hyundai Motor, said at a press conference.
The IONIQ 5 has a maximum driving range of about 480 km (298 miles), an increase of nearly 20 percent over the Kona electric car, which previously had the longest range in Hyundai’s electric range.
Hyundai said in a statement that it is offering two battery pack options – 58 kW or 72.6 kW – and will be available in select regions starting in the first half of 2021.
The South Korean carmaker did not disclose the price of the IONIQ 5, but (Michael Cole), head of Hyundai Motor in Europe, said: The price in Europe starts at about 42,000 euros (51,100 dollars) before the government incentives.
Hyundai is targeting sales of 100,000 units worldwide next year, at between 30 and 40 percent in Europe, 30 percent in North America and 20 percent in South Korea.
Hyundai may be able to increase its presence in the global electric vehicle market as it adds a new electric vehicle, bearing in mind that the company has shown strong performance with the Kona electric car.
Hyundai has developed a system that allows the center console to move in with the front seats to provide more space.
The driver and passengers in the IONIQ 5 can freely enter and exit the cabin on either side when parking in a confined space, depending on which the center console slides back and forth.