- Korean automaker Hyundai Motor (OTCPK:HYMLF) jumps 16% on the launch of its new IONIQ brand dedicated to battery electric vehicles (EVs), as part of its drive to become the world’s third-largest seller of EVs by 2025.
- Starting in early 2021, Hyundai plans to introduce three all-electric models under the Ioniq brand. They include the Ioniq 5, a midsize EV CUV based on concept '45'; in 2022, the Ioniq 6 sedan, based on the company's 'Prophecy' concept unveiled earlier this year, and in early 2024, the Ioniq 7, a large SUV.
- The company aims to sell 1M units of battery EVs and take 10% share to become a leader in the global EV field by 2025.
- IONIQ brand models will sit on an Electric Global Modular Platform, known as E-GMP, that will enable fast charging capability and plentiful driving range.
- “The IONIQ brand will change the paradigm of EV customer experience,” said Wonhong Cho, Executive Vice President and Global Chief Marketing Officer at Hyundai Motor Company.
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