Hyundai is set to unveil a new electric vehicle on a specialized platform in 2020. While the automaker currently offers the Kona Electric and Ioniq Electric, these models are adaptations of existing vehicles that come with various powertrain options. This upcoming electric car will mark Hyundai’s first genuine competitor to the Nissan Leaf and Chevrolet Bolt EV.
While specific details about the new electric vehicle were not provided, it was mentioned in a Wednesday announcement regarding Hyundai’s long-term business strategy, which plans to emphasize emerging technologies, particularly electric powertrains.
Earlier in the year, Hyundai announced its ambition to introduce 44 electrified models—encompassing both hybrids and all-electric vehicles—by 2025, aiming for a projected annual sales figure of 1.67 million units worldwide. The company also expressed its goal to rank among the “top three EV manufacturers globally” by 2025.
Hyundai did not specify whether any electric models from its other brands, such as Kia or potentially Genesis, would contribute to the 44-model target. Kia currently markets the Soul EV and is set to roll out an electric Niro. However, similar to Hyundai, Kia lacks an electric vehicle built on a dedicated platform. Given the significant platform-sharing between the two brands, it’s plausible that a Kia version of Hyundai’s new electric car could emerge.
The announcement also referenced the much-anticipated Genesis SUV, which is expected to launch later this year, although it did not outline any electrification strategies for the luxury brand. However, considering the swift shift of other luxury manufacturers towards electric powertrains, it seems inevitable that Genesis will follow suit in due time.
Hyundai announced plans to invest 45.3 trillion won (approximately $40 billion) in research and development over the next five years. This investment will include 3.3 trillion won (around $2.9 billion) earmarked for electrification efforts and 2.5 trillion won (about $2.2 billion) dedicated to technologies related to autonomous driving and connected vehicles. Hyundai is collaborating with the U.S. startup Aurora Innovation to advance its autonomous driving technology and plans to initiate a trial “autonomous robot taxi” program in South Korea in 2021.
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