Aug 10, 2020 - Energy & Climate

Hyundai launches new electric vehicle unit

Ben Geman

Hyundai's electric vehicle fleet Ioniq — Hyundai's Ioniq. Image courtesy of Hyundai

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.

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Hyundai launches new electric vehicle unit

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