LOS ANGELES -- Hyundai Motor is launching a global battery-electric brand using the Ioniq name from its current hybrid and EV hatchbacks. It plans to release three electric vehicles from the new brand in the next four years, starting in early 2021 with a midsize crossover.
Hyundai Motor Group, which includes Kia and Genesis, has said it aims to sell 1 million battery-electric vehicles and take 10 percent market share to become a leader in the global EV field by 2025. Hyundai Motor plans to become the third-largest maker of eco- friendly vehicles, including fuel cell EVs.
The Ioniq 5 coming next year is based on the concept 45 vehicle from the 2019 Frankfurt auto show, the automaker said in a statement. The Ioniq 6 -- to be launched in 2022 -- is a sedan that takes its inspiration from the Prophecy concept shown in March. It will be followed in early 2024 by a large SUV, the Ioniq 7.
The naming of the vehicles is based partially on body style. Crossovers and SUVs will use odd numbers and sedans will use even numbers, Hyundai said in a press release. The current Ioniq vehicles will be known simply as Hybrid, Plug-In Hybrid and Electric.
The new Ioniq brand will be sold through the existing Hyundai dealership network.
"To fulfill Ioniq's brand mission, Hyundai will combine its current EV capabilities — such as ultra-fast charging, spacious interior and battery-supplied power -- with future innovations that combine design, technologies and services to integrate in-car and out-of-car experiences," the company said.
Hyundai said that additional Ioniq models will follow after the first three are launched by 2024.
"The creation of the Ioniq brand is in response to fast-growing market demand and accelerates Hyundai's plan to lead the global EV market," the company said.
Separately, the automaker's luxury Genesis brand has said it will sell an EV after the launch of its upcoming gasoline-powered crossovers this year and in 2022.
