Hyundai group’s new E-GMP platform is key to million-sales target

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Hyundai’s second new EV, slated for a global launch in 2022, will be based on the Prophecy concept from March of this year. The four-door sedan concept has four seating spaces in a midsize to large exterior.

“They will probably offer the Ioniq 6 as an alternative for those that like sedans but want to go fully electric rather than hybrid or plug-in hybrid,” said Abuelsamid. “It probably won’t do as well as the 5 and 7, but we could also see the market shift back to sedans at some point.”

The Ioniq 7 large SUV, arriving in 2024, would allow the Korean automaker to compete with American players such as upstart EV maker Rivian and General Motors’ Hummer vehicles, as well as bigger crossovers from BMW, Audi and potentially Nissan, Volkswagen and others.

“Whether the market is ready for larger electric SUVs remains to be seen, but we’ll be finding out by 2024 since there will be numerous products on the market,” said Abuelsamid. “If it offers the range people want at a reasonable price point, I see no reason why it shouldn’t do well.”

Kia said that its EVs will offer either 400-volt charging capacity — the standard in most EVs today — or 800-volt charging, which is offered on the new Porsche Taycan. The higher battery voltage allows for super-fast charging at public stations and is more useful for high-mileage drivers.

Kia is targeting global annual sales of 500,000 EVs by 2026. Hyundai said it expects 560,000 battery-electric sales by 2025, in addition to sales of fuel cell electric vehicles, which require hydrogen filling stations. Hyundai group’s target is a 10 percent global share of electric vehicles by that date.

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Saurabh Shukla

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