On Tuesday, South Korean automaker Hyundai introduced its Ioniq 5 midsize crossover, the first electric vehicle (EV) and hopes that it will propel it into the third rank of global EV makers by 2025.
The model is based on a new electric vehicle-only forum which uses its own battery module technology and requires less components as compared to Hyundai’s existing electric cars, enabling faster production at lower cost, says the company.
As per the Industry tracker SNE Research, the launch of Ioniq 5 is the linchpin of Hyundai’s long-term goal to capture 10% of global EV sales by 2025, up from a combined market share of 7.2% for Hyundai and Kia together during the January-September period in 2020. Hyundai Motor and Kia Corp together plan to sell 1 million EVs in 2025.
Two battery pack options – 58-kilowatt-hour (kWh) or 72.6 kWh are offered by Hyundai Loniq 5.
