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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.

Updated 1 hour ago - Politics & Policy

Facebook paying up to $14M to settle employment discrimination claims

Photo: T.J. Kirkpatrick/Bloomberg via Getty Images

Facebook has agreed to pay up to $14.25 million to settle allegations that it discriminated against American workers by reserving positions for temporary visa holders, the Justice Department announced on Tuesday.

Why it matters: The settlement represents the largest civil penalty and monetary award that the Civil Rights Division has recovered in the 35-year history of the Immigration and Nationality Act's anti-discrimination provision.

Updated 3 hours ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.