Hyundai announces new electric vehicle brand

South Korean automaker Hyundai has announced the creation of a sub-brand for its family of electric vehicles. Ioniq, which was the name of an individual model in Hyundai’s line-up has now been elevated to the status of a brand. This move is the first step in the carmaker’s plan to become the world's third-largest seller of EVs by 2025 by accounting for 10 per cent of global EV sales.

Hyundai now joins a number of mainstream manufacturers vying for a share of the lucrative electric vehicle pie. While Tesla is currently king of the EV hill, global auto giants such as Volkswagen and General Motors have made extensive plans to build and sell electric vehicles in huge numbers by 2025.

Ioniq was launched four years ago as a vehicle name plate under the Hyundai brand. The compact hatchback was offered with a choice of three powertrains including petrol-electric hybrid, plug-in hybrid and pure battery electric. The company has said that those models will continue in production.

Starting early next year, Hyundai plans to introduce three all-electric models under the new Ioniq brand. They include the Ioniq 5, a midsize crossover based on the 2019 Hyundai 45 concept, the Ioniq 6 saloon, based on the Hyundai Prophecy concept unveiled earlier this year, and the Ioniq 7, a large crossover.

The three new Ioniq models will be built on a dedicated EV platform codenamed E-GMP, for Electric Global Modular Platform. Hyundai says this will enable fast charging capability and ample driving range.