South Korean automaker Hyundai Motor (OTCPK: HYMTF) said on Monday that it will launch an all-new Ioniq 5 N and a three-row electric SUV as part of its new vehicle lineup for the 2025 model year in the U.S., in addition to a refreshed version of the Ioniq 5 SUV.
What Happened: Hyundai's new electric vehicle lineup for the 2025 model year includes the Ioniq 3-row SUV, an all-new electrified sports vehicle called the Ioniq 5N, and also an enhanced version of the Ioniq 5.
While the 3-row SUV will be premiered later in 2024, the details of the refreshed Ioniq 5 will be revealed later this summer, the company said.
For context, Hyundai has already revealed the refreshed Ioniq 5 in its home market, South Korea, giving us a glimpse of what to expect from the upcoming EV. It is powered by a bigger battery and sports a refreshed design. The bigger battery has given a boost to the range from 285 miles to 301 miles, and Hyundai has also improved the fast charging speeds – the new Ioniq 5 goes from 10% to 80% in 18 minutes.
It remains to be seen what changes Hyundai brings to the EV by the time it reaches the U.S. shores.
Why It Matters: Hyundai Motor America, the U.S.-based unit of Hyundai Motor, sold 214,719 vehicles in Q2, marking a 2.2% jump year-on-year. The company sold 11,906 units of the Ioniq 5 SUV alone in the said quarter, marking a jump of over 50% from the corresponding period last year.
The 2024 Ioniq 5 starts at $41,800, in the same price range as Tesla Inc.'s Model Y SUV and Ford's Mustang Mach-E. While the Model Y starts at $44,990, the Mach-E starts at $39,995.
Ford sold 12,645 units of the Mach-E in the U.S. in the second quarter, higher than Hyundai sold Ioniq 5s. The Model Y, meanwhile is Tesla's best-selling offering.
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Photo courtesy: Hyundai