HYUNDAI IS AGGRESSIVELY following its plan to lead the global EV (electric vehicle) market and has recently announced plans to launch Ioniq (previously a model name) as a separate brand dedicated to battery electric vehicles. The company will introduce three new EV models over the next four years and offer customer-centric EV experiences in line with its vision ‘Progress for Humanity’.
Hyundai Motor Group, the company’s parent entity, aims to sell one million units of battery electric vehicles and take 10 percent market share to become a global EV leader by 2025.
The move to create a separate brand from what was previously a model name is a similar strategy to that used by Hyundai with Genesis.