Hyundai's Ioniq to go from model name to full EV brand

Computer-generated image of, from left, Hyundai Motor's Ioniq 6, Ioniq 7 and Ioniq 5. [HYUNDAI MOTOR]

Hyundai Motor’s Ioniq will become a brand in its own right from next year. It is now just a model name.

The company will use the new Ioniq as a badge for fully-electric vehicles (EVs), with the possibility of a Genesis-like spinoff being born from the initial marketing exercise.

Models currently under the Ioniq name, which include both plug-in hybrids and full electric cars, will not be included under the new banner.

The first model, slated to be introduced next year, will be based on a concept car called 45, a midsize SUV, which world premiered at the Frankfurt Motor Show last year.

It will come out as the Ioniq 5 and will be the first model to be manufactured on the carmaker’s E-GMP platform.

Unless Kia Motors rolls out a full EV model early next year, the Ioniq 5 is likely to be equipped with batteries from SK Innovation, according to the carmaker. It will be able to run 450 kilometers (280 miles) on a single charge, which will take 20 minutes for a full charge with a rapid charger.

E-GMP is Hyundai Motor’s EV-dedicated platform, which will be utilized from early next year.

The second model under the Ioniq brand will be the Ioniq 6, which will be based on the Prophecy concept car revealed in March. It will be a midsize sedan and is expected to hit the Korean market in 2022.

In 2024, a large-size SUV, the Ioniq 7, will be made available.

The numeric suffixes after the Ioniq name will indicate the size of the vehicle, according to Hyundai Motor.

Hyundai Motor’s latest move points to the carmaker’s determination to take a firm lead in the global EV business.

Until now, the carmaker has been putting more focus on making internal combustion engine vehicles. Eco-friendly cars previously came as spinoffs based on existing models, with the exception of the Ioniq sedan, which doesn’t have an internal combustion engine version.

With the start of the new Ioniq brand, Hyundai Motor will be able to make cars more suitable for battery-type powertrains.

For the time being, Ioniq will not be operating at the same level as Genesis. While Genesis is a separate brand and has a team that manages the brand, Ioniq will be an integral part of Hyundai Motor.

But the possibility exists that Ioniq will follow Genesis, which started as a model name in 2008 and became an independent brand in 2015.

According to energy market tracker BloombergNEF, sales of EVs will account for 58 percent all car sales by 2040. Their share in 2020 is 2.7 percent.

Hyundai Motor shares rose 15.65 percent on Monday closing at 170,000 won ($143).

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]