Hyundai spins IONIQ as new EV brand: To launch three new electric models by 2024

Under the new IONIQ brand name, Hyundai will launch three new all-electric models built on a new EV platform which will be called the IONIQ 5, IONIQ 6 and IONIQ 7 by 2024. The Hyundai Motor Group is aiming to sell 1 million BEVs and control 10% global market share by 2025.

By:August 10, 2020 1:56 PM

Hyundai Motor Group has announced that it will be spinning off its IONIQ nameplate as a dedicated brand for electric vehicles. The new EV brand IONIQ made its debut in London with a giant illuminated letter “Q” on the London Eye. Hyundai Motor Group has announced a new strategy for IONIQ brand and confirmed that by 2024, three new models based on a new EV platform will be introduced in global markets. These models will see a compact SUV followed by a sedan and a full-size SUV, all of which will be battery-electric models. Hyundai says these future models will offer “ultra-fast charging” and “spacious interior”.

A combination of the two words ‘Ion’ and ‘Unique’, Hyundai had initially announced the Project IONIQ, that spawned the IONIQ crossover in 2016, a vehicle that was available in hybrid, PHEV and battery-electric versions. Now instead of offering a single product with three different propulsion systems, Hyundai is dedicating the IONIQ brand as a battery-electric vehicle maker. Using the new Electric Global Modular Platform (E-GMP architecture), Hyundai claims the upcoming IONIQ brand models will offer fast charging capability and plentiful driving range. Additionally, they will also offer highly adjustable seats, wireless connectivity and unique features such as a glove box designed as drawers.

Hyundai Concept EV ’45’

Hyundai will call its future models the IONIQ 5, IONIQ 6 and IONIQ 7 and moving forward, even numbers will be reserved for sedans and odd numbers for Utility Vehicles. In 2021, the IONIQ 5, a Compact Utility Vehicle (CUV) model will be launched based on the concept EV ’45’ which made its debut at the 2019 Frankfurt Motor Show. This will be followed by the IONIQ 6 sedan in 2022 which will be based on the concept EV ‘Prophecy’ that was revealed in March 2020. According to the current plans, the IONOQ 7 large SUV is scheduled to arrive by 2024.

Hyundai Prophecy EV Concept

As a part of their new Strategy 2025, the Hyundai Motor Group aims to sell 1 million battery electric vehicles by 2025 and claim a global market share of 10% to become a leader in the global EV field. Hyundai Motor Company itself is aiming to become the world’s third-largest automaker of eco-friendly vehicles by 2025 as it is projecting sales of 560,000 BEV along with FCEV sales.

Under the Hyundai Motor Group, the two main brands include Hyundai and Kia, now IONIQ will be a third which will cater to the needs of battery electric vehicles only. Hyundai and Kia EVs and electrified vehicles will continue to be offered in tandem to IONIQ models. Hyundai Motor Group has not yet highlighted the specific markets it intends to target with the IONIQ brand, but as the brand launch took place in London, the European markets in addition to its home market – Korea are likely to play key roles. while other regions would follow soon after, China could also be one of the key focus markets for the brand as well. Hyundai has not mentioned where the IONIQ models will be manufactured as yet. In India, Hyundai offers the Kona EV, while Kia may look at offering the Soul EV but no official word on it has been made.

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