Hyundai launches new electric vehicle unit

Hyundai Motor is creating a new electric vehicle unit called Ioniq and plans to roll out three new models by 2024.

Why it matters: The announcement Sunday is the latest example of big automakers' strategies to expand market share in the increasingly competitive electric vehicle space.

• Ioniq is the name of the Korean automaker's current electric vehicle model rolled out in 2016 but will now be the moniker for its larger branding effort.
• Hyundai hopes to have a 10% share of the global electric vehicle market by 2025 and be the third-largest maker of "eco-friendly" vehicles.

What's next: Hyundai's first Ioniq model will be a crossover coming next year. A sedan will follow in 2022, followed by a large SUV in early 2024.