Hyundai unveils Ioniq 5 electric crossover, expects EV demand jump

South Korean automaker Hyundai Motor Co launched its Ioniq 5 midsize crossover on Tuesday, the first in a planned family of electric vehicles (EV) that it hopes will propel it into the third rank of global EV makers by 2025.

The company says the model is based on a new electric vehicle-only platform that uses its own battery module technology and requires fewer components than Hyundai's existing electric cars, enabling faster production at lower cost.

The launch of Ioniq 5 is the linchpin of Hyundai's long-term goal to capture 10 per cent of global EV sales by 2025, up from a combined