News Article

Hyundai Introduces IONIQ

By Alejandro Enríquez | Thu, 08/13/2020 - 14:01

Hyundai Motor Company launched its IONIQ brand, which will be dedicated to battery electric vehicles under the company's vision of "Progress for Humanity," smart mobility and connected lifestyle solutions. “The IONIQ brand will change the paradigm of EV customer experience. With a new emphasis on connected living, we will offer electrified experiences integral to an eco-friendly lifestyle,” said Wonhong Cho, Executive Vice President and Global Chief Marketing Officer of Hyundai Motor Company.

IONIQ will introduce three EV models over the next four years: IONIQ 5, IONIQ 6 and IONIQ 7. The first model will be IONIQ 5, a midsize SUV that will be launched in early 2021. IONIQ 6, an electric sedan, will arrive in 2022 while IONIQ 7, a large SUV, will reach the market in early 2024. "The vehicles will be inspired by past models but they will be a bridge to the future," said Hyundai on a statement. 

According to the South Korean automaker, the new brand is a direct response to the growing global demand for EVs. The company is not shy and affirmed that its plan is to lead the global EV market. The company recently announced its ambitious goal to sell 11 million battery electric vehicles by 2025 and to become the global leader in this segment with a 10 percent market share. 

Hyundai is serious when it talks about its "ongoing transformation into a Smart Mobility Solutions Provider with zero-emissions solutions." Less than a month ago, amid the pandemic, the South Korean giant announced that its first heavy-duty fuel-cell units were shipped to Switzerland. “Building a comprehensive hydrogen ecosystem, where critical transportation needs are met by vehicles like XCIENT’s fuel cell, will lead to a paradigm shift that removes automobile emissions from the environmental equation,” said at the time In Cheol Lee, Executive Vice President and Head of Commercial Vehicle Division at Hyundai Motor.

Claudia Marquez, CEO of Hyundai Motor de México, affirmed in an interview for Mexico Automotive Review that electric and hybrid vehicles are really important for the industry. “Mexico needs to foster their adoption in terms of infrastructure. The electrification trend began almost 15 years ago and there is still not enough infrastructure to support these units. We support these models and we proudly represent the electrification trend within our portfolio," she said.

Regarding autonomous vehicles, Hyundai formed in 2019 a US$4 billion venture, now called Motional, with Aptiv PLC to develop fully automated systems for fleet management companies and robotaxis, Reuters reported.

In its preliminary 2Q20 results, the fifth-largest automaker in the world saw an EBIT of ₩$596 billion (US$500 million), which represented a 57 percent decrease compared to the same quarter last year. The company performed favorably in its domestic market while facing double digit negative growth overseas.

Alejandro Enríquez Alejandro Enríquez Journalist and Industry Analyst