Hyundai Ioniq 5 to hit the Indian markets soon
Euisun Chung who is the executive vice chairman of Hyundai has recently kicked 2020 off by the announcement of an expansion in output of the electric vehicles as well as other advanced technologies. The Hyundai group which has come up with brands such as Genesis, Kia and Hyundai is going to invest over $87 billion for production of 23 EVs by the year 2025. The details of a possible 11 new electric vehicles have not been provided clearly.
The announcement states that the group is going to grow as many as 23 electric battery electric vehicles as well as six plug-in hybrids in the coming five years. The first of the 11 of these new dedicated electric vehicles is expected to come out by the year 2021 though the recent statements which have been made by Hyundai have been contradicting each other.
The announcement of a dedicated EV has dated back till 2017 at least. Reports from the previous two years have suggested that it is going to be badged as Genesis and given a target for competing with the Model 3 from Tesla.
However in June, there had been reports that the company is starting production for a compact SUV which is all-electric to be used as a platform for Electric vehicles. This report had point at the prototype being unveiled in the middle of the year 2020 and the production in early months of 2021.
The release today about the event on the New Year has stated that the new system for Electric Vehicle architecture system is going to be introduced and also applied to the models which have been slated to be launched in the year 2024.