Hyundai Motor Co. on Tuesday debuted a new, all-electric IONIQ5, the first model under its standalone electric vehicle sub-brand, amid intensifying competition among global automakers to go eco-friendly.
The IONIQ5, a mid-size crossover utility vehicle (CUV), is the first car to sit on the Electric-Global Modular Platform (E-GMP) that will underpin all forthcoming electric cars from both Hyundai and sister firm Kia Corp.
The unveiling comes as the top South Korean automaker faces growing challenges on its home turf by the likes of Tesla Inc., which appeals to young drivers not just in Korea but globally with its sleek EV models.
“With the IONIQ5, we are going to change the paradigm of an electric car experience with services tailored to the various lifestyles of our customers,” a Hyundai executive said during an online press conference on Feb. 23, while taking the wraps off the latest EV model.
Hyundai said it will first launch the IONIQ5 in Europe next month and in the US and other major global markets later this year. For the Korean market, it plans to sell the EV in the second quarter, while taking pre-orders from this Thursday.
Hyundai Motor Chief Executive Chang Jae-hoon said at the media briefing that the company aims to sell 70,000 units globally this year, including 26,500 units in Korea, and raise its global sales target to 100,000 cars in 2022.
NEW FEATURES
The IONIQ5 will be available in two versions: the long-range model with a 72.6 KWh battery and the standard one with a 58 KWh battery. The long-range version can travel up to 430 km on a single charge.
Charging up its battery will take less time than many of Hyundai’s rivals. IONIQ5’s ultra-fast charging capability enables it to drive more than 100 km on only a five-minute charge. The company said its E-GMP cars support fast charging, with an 80% charge from empty possible in just 18 minutes.
The latest model’s key features include its 118-inch wheelbase, longer than the Hyundai Palisade’s, allowing for a more spacious and customizable interior for passengers and cargo.
Unlike the conventional center console, Hyundai said its “universal island” console can move back and forth, enabling the driver and passenger to enter and exit the car on either side when packed in a narrow spot.
The vehicle-to-load (V2L) function will allow customers to also charge electric devices such as coffee machines and electric bicycles, it said.
The CUV also features a clamshell hood design, the first among Hyundai cars, and comes with 20-inch wheels, also a first for a Hyundai EV.
The IONIQ5 will be priced at between 50 million won and 55 million won ($45,000-$49,500). With government subsidies, it can be purchased for around 40 million won.
GROWING COMPETITION ON HOME TURF
In the domestic market, the IONIQ5 will compete with Tesla’s Model Y, which was introduced to Korea last month with a price tag of 59.99 million won for the standard version and 69.99 million won for the long-range model.
Last year, Tesla’s EV Model 3 sold over 10,000 units in Korea, becoming the third best-selling imported car.
German automaker Volkswagen also plans to launch its ID.4 electric SUV in the Korean market next year.
Hyundai Motor said it will launch the EV version of its luxury sedan Genesis using the E-GMP platform within the year, with affiliate Kia Corp. preparing to unveil its EV model this year as well.
Hyundai Motor Group has said it plans to introduce 23 fully electric models and sell 1 million units a year globally by 2025.
Write to Il-Gue Kim and Sun A Lee at Black0419@hankyung.com In-Soo Nam edited this article.
