10 August 2020
Hyundai Motor Company (Hyundai) has announced its Ioniq sub-brand will now be dedicated to battery-electric vehicles (BEVs). The South Korean carmaker plans to introduce three new BEVs over the next four years under the brand, with more innovative models to follow.
The move is in response to fast-growing demand, with Hyundai looking to accelerate plans to ‘lead the global EV market.’ The brand will embody the company’s smart mobility vision while honouring its commitment to provide ‘connected lifestyle solutions.’
‘The Ioniq brand will change the paradigm of EV customer experience,’ said Wonhong Cho, executive vice president and global chief marketing officer at Hyundai. ‘With a new emphasis on connected living, we will offer electrified experiences integral to an eco-friendly lifestyle.’
Hyundai will launch a range of BEVs under the new brand, with even numbers used for sedans and odd numbers for SUVs. The Ioniq 5 midsize CUV will be the first model, to be launched in early 2021. The BEV will be based on the company’s ‘45’ EV concept, which it unveiled at the Frankfurt International Motor Show (IAA) in 2019.
In 2022, the Ioniq 6 sedan will be introduced, based on the company’s latest EV concept, ‘Prophecy,’ which it revealed in March. The Ioniq 7, a large SUV, is then slated to join the fray in early 2024. Hyundai wants the brand’s designs to encapsulate a common theme of ‘timeless value,’ drawing inspiration from the past and acting as a bridge to the future.
The Ioniq models will all sit on the Electric Global Modular Platform (E-GMP), enabling fast-charging capabilities and ‘plentiful’ driving ranges. With the platform, Hyundai plans to reimagine the vehicle interior as a ‘smart living space’ with features like highly adjustable seats and wireless connectivity.
The carmaker first used the combination of ‘ion’ and ‘unique’ when naming its long-term research and development project focused on eco-friendly mobility. From this work came the Ioniq vehicle in 2016. Hyundai asserts this is the world’s first and only model to offer a choice of three electrified powertrain options within a single body type. Namely, a petrol-electric hybrid, a plug-in hybrid (PHEV) and a BEV variant.
To carry out the Ioniq brand’s mission, Hyundai will now combine its current EV capabilities, like ultra-fast charging, with future innovations that combine design, technologies, and services to integrate in-car and out-of-car experiences. The brand now represents the carmaker’s commitment to sustainability and looks to be instrumental in achieving its clean mobility goals.
Under ‘Strategy 2025,’ Hyundai aims to become the world's third-largest automaker of eco-friendly vehicles by 2025, with 560,000 BEV sales in addition to Hydrogen fuel-cell (FCEV) sales. Hyundai Motor Group aims to sell one million BEVs within five years, capturing a 10% share of global electric-vehicle sales.
The announcement has boosted the carmaker’s stock value by as much as 10.2%, Reuters has reported. This brought Hyundai’s share price up to its highest point since May 2018, selling for as much as ₩162,000 (roughly €116).
Other manufacturers also look to have benefitted. Kia’s stock rose, up 5.6%, while parts suppliers Hyundai Mobis and Mando gained as much as 7.4% and 5.3% respectively.