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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.

Go deeper

Oct 23, 2020 - Economy & Business

Misperceptions may be holding consumers back from buying electric vehicles

Photo by picture alliance via Getty

Analysts and investors are getting ever more bullish on electric vehicles, but with little regard, it seems, for consumer attitudes.

Why it matters: Tightening regulations around the world could indeed shove the vehicle market toward electrics more quickly than expected. But if consumers are reluctant to buy, automakers will have to slash prices and absorb the losses, erasing investors' rosy hopes.

1 hour ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.