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Hyundai Has Risen In Price By 15% In The Backdrop Of The Launch Of The IONIQ Electric Car Brand

Hyundai Has Risen In Price By 15% In The Backdrop Of The Launch Of The IONIQ Electric Car Brand

During trading on the Korean stock exchange on August 10, the stock price of South Korean car manufacturer Hyundai Motor rose by 15% and exceeded the level of $143 per share. The company's market capitalization exceeded $35.4 billion. The last time such a share price was fixed was in May 2018. The current growth is due to the announcement of the company's management about the launch of the Ioniq brand, under which all Hyundai electric vehicles will be produced.

Starting in 2021, Hyundai plans to introduce three new models of electric vehicles under the Ioniq brand within four years, according to a press release from the company. The first model will be the mid-size crossover Ioniq 5, which is based on the concept Hyundai 45, presented in 2019. in 2022, the Ioniq 6 sedan will be released, based on the concept Hyundai Prophecy, presented in March this year, and in 2024 – a full-size crossover Ioniq 7.

All models will be created on the E-GMP (Electric Global Modular Platform) platform, which will provide fast charging and impressive mileage on a single charge. According to Hyundai management, the company aims to sell 1 million cars with electric motors by 2025 and take 10% of the market. This should bring Hyundai to third place in the world in terms of sales of environmentally-friendly vehicles. Global car sales in July 2020 totaled 313,097 units – 12.5% lower compared to July last year.

The first model under the IONIQ brand will be the IONIQ 5 midsize CUV that will launch in early 2021. IONIQ 5 is based on the concept EV ‘45’, which Hyundai unveiled at the International Motor Show (IAA) 2019 in Frankfurt as a homage to its very first concept car. IONIQ 5’s designers took inspiration from the past and integrated it with cutting-edge parametric pixels, a unique design element that Hyundai designers will continue to incorporate into future IONIQ models.

In 2022, Hyundai will introduce IONIQ 6 sedan, which is based on the company’s latest concept EV ‘Prophecy’, unveiled in March; followed by IONIQ 7, a large SUV in early 2024. Prophecy’s iconic exterior design is characterized by its aerodynamic silhouette of perfect proportions.

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