South Korean automaker Hyundai has unveiled the Ioniq 5 midsize crossover, the company’s first production model based on its E-GMP (Electric Global Modular Platform), with which it hopes to get into the third position of global EV makers by 2025.
The company says the model is based on the new electric vehicle-only platform (E-GMP) that uses its own battery module technology and needs lesser components than Hyundai’s existing electric cars, facilitating faster production at a lower cost.
After presenting the ‘Concept 45’ in 2019 and the information on the new modular electric platform was revealed in December 2020, Hyundai is now exhibiting the first fairly detailed data on the production model, Ioniq 5, which is expected to offer two battery sizes, each of which will be available with rear-wheel drive and all-wheel drive.
The launch of Ioniq 5 is the anchor of Hyundai’s long-term goal to capture 10 percent of global EV sales by 2025, up from a combined market share of 7.2 percent for Hyundai and Kia together during the January-September period in 2020, according to industry tracker SNE Research.
Hyundai Motor and its sister company Kia Corp together aim to sell 1 million EVs in 2025. “We expect this year’s global EV demand will increase more than 30 percent versus last year,” Hyundai Motor President Chang Jae-hoon stated.
The Ioniq 5 will have a maximum driving range of about 480 km (298 miles), up nearly 20 percent from the Kona EV, which earlier had the longest range among Hyundai’s EV lineup. It will offer two battery pack options, 58-kilowatt-hour (kWh) or 72.6 kWh and will be available in selected regions starting in 2021, Hyundai said in a statement.
According to Hyundai, the development of the model is not yet complete, especially since the suspension is still being fine-tuned. The South Korean automaker did not even disclose the price of the Ioniq 5, but Hyundai Motor Europe President Michael Cole said in Europe it would start at about $51,100 before government incentives.
As per reports, the Hyundai Ioniq 5 will launch in Korea and other markets in the first half of this year. Hyundai is targeting sales of 100,000 units globally next year, with about 30-40 percent in Europe, 30 percent in North America and 20 percent in South Korea.
“Hyundai will be able to increase its presence in the global EV market as it adds a new EV, considering that the company showed solid performance with its major EV Kona Electric,” said Kevin Yoo, an analyst at Korean-based financial service provider eBEST Investment & Securities.