SEOUL -- Hyundai Motor has unveiled its all-new Ioniq 5 flagship electric vehicle model, the first to be manufactured using the South Korean automaker's shared platform dedicated to EVs.
The Ioniq 5 goes on sale later this year domestically as well as in the U.S. and Europe. Hyundai begins production next month at its main assembly plant in Ulsan, a city in southeastern South Korea.
The electric crossover will use the E-GMP platform, designed to reduce costs by sharing components over a wide range of EVs. The platform also will feature in the Genesis luxury brand and electric vehicles sold by group company Kia.
Hyundai plans to roll out 12 all-new EVs over the next five years using the platform.
The Ioniq 5 can travel 430 km on a full charge, or 100 km after five minutes of charging, according to Tuesday's announcement. The price will be around $50,000. In South Korea, government incentives can bring the price below $40,000.
Hyundai expects to sell 70,000 units globally this year, then 100,000 annually starting in 2022.
Meanwhile, the automaker has been dealing with fallout from faulty EV battery systems linked to fires. South Korea's transport ministry announced Wednesday a recall of 26,699 vehicles spanning three electric models, citing potential manufacturing defects involving battery cells.
Hyundai says about 82,000 vehicles worldwide are equipped with the problematic battery systems, forcing a mass recall. The company looks to cooperate with battery supplier LG Chem to resolve the issue.