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Hyundai Motor launches Ioniq 5 electric crossover, expects EV demand jump

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Heekyong Yang
·2 min read
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By Heekyong Yang

SEOUL, Feb 23 (Reuters) - South Korean automaker HyundaiMotor Co launched its Ioniq 5 midsize crossover onTuesday, the first in a planned family of electric vehicles (EV)that it hopes will propel it into the third rank of global EVmakers by 2025.

The company says the model is based on a new electricvehicle-only platform that uses its own battery moduletechnology and requires fewer components than Hyundai's existingelectric cars, enabling faster production at lower cost.

The launch of Ioniq 5 is the linchpin of Hyundai's long-termgoal to capture 10% of global EV sales by 2025, up from acombined market share of 7.2% for Hyundai and Kia togetherduring the January-September period in 2020, according toindustry tracker SNE Research. Hyundai Motor and its sistercompany Kia Corp together aim to sell 1 million EVsin 2025.

"We expect this year's (global) EV demand will increase morethan 30% versus last year," Hyundai Motor President ChangJae-hoon told a news conference.

The Ioniq 5 will have a maximum driving range of about 480kms (298 miles), up nearly 20% from the Kona EV, whichpreviously had the longest range among Hyundai's EV lineup.

It will offer two battery pack options - 58-kilowatt-hour(kWh) or 72.6 kWh - and will be available in selected regionsstarting in the first half of 2021, Hyundai said in a statement.

The South Korean automaker did not disclose the price of theIoniq 5, but Hyundai Motor Europe President Michael Cole said inEurope it would start at about 42,000 euros ($51,100) beforegovernment incentives.

Hyundai is targeting sales of 100,000 units globally nextyear, with about 30%-40% in Europe, 30% in North America and 20%in South Korea.

"Hyundai will be able to increase its presence in the globalEV market as it adds a new EV, considering that the companyshowed solid performance with its major EV Kona Electric," saidKevin Yoo, an analyst at eBEST Investment & Securities.

($1 = 0.8219 euros)(Reporting by Heekyong Yang; Editing by Stephen Coates)