Hyundai launches 'Ioniq 5' in ambitious EV push

Hyundai has launched the first in a planned family of electric vehicles.

The new Ioniq 5 midsize crossover is the linchpin of the company’s long-term goal –

to rank 3rd among the world’s electric vehicle makers by 2025.

The Ioniq 5 will have a maximum driving range of about 298 miles,

up 20% from the Kona EV - which previously had the longest range among Hyundai’s EV lineup.

The company says the model is based on a new electric vehicle-only platform

that uses its own battery module technology and requires fewer components than Hyundai’s existing electric cars, enabling faster production at lower cost.

It will offer two battery pack options - 58-kilowatt-hour (kWh) or 72.6 kWh.

Hyundai said in a statement that the Ioniq 5 will be available in selected regions starting in the first half of 2021.

The company is targeting sales of 100,000 units globally in 2022 across Europe, North America and South Korea.

The automaker did not disclose the price of the new model, but Hyundai Motor Europe President Michael Cole said in Europe it would start at about $51,000 before government incentives.

The launch of Ioniq 5 is part of Hyundai’s long-term goal to capture 10% of global EV sales by 2025.

Together with its sister company Kia Corp, Hyundai aims to sell 1 million EVs in 2025 alone.

Hyundai Motor President Chang Jae-hoon said, “We expect this year’s global EV demand will increase more than 30% versus last year.”