HYUNDAI UNVEILS FIRST ALL-ELECTRIC CAR

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Hyundai has unveiled the first all-electric car made from the firm's own electric vehicle platform. Eyes are on whether the new model will give Hyundai a head start in the fast-growing global electric vehicle market.

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Hyundai's IONIQ 5 is produced through a dedicated EV platform called E-GMP. Plant 1 in Ulsan will exclusively manufacture the new electric car. The IONIQ 5 is capable of driving 500 kilometers on a single charge. It is also equipped with a fast charging battery that recharges to full capacity within 18 minutes. Its price will likely range from just under or over 40 million won, if government subsidies are taken into consideration.

[Soundbite] Lee Hang-ku(Korea Automotive Technology Institute) : "The dedicated platform will be able to produce various models tailored for consumers' needs. It has laid the foundation to boost competitiveness in price, model diversity and credibility."

The IONIQ 5 is expected to bring inevitable changes to the auto parts industry. Cars produced on the E-GMP platform will be fitted with autonomous driving technology and it has different mechanical designs and components from cars with internal combustion engines.

[Soundbite] Lee Hyo-jin(Ulsan Chamber of Commerce) : "As the switch to eco-friendly vehicles is speeding up, there is an urgent need for auto parts makers to produce components for future cars and transform into a data-based digital industry."

Until last year, Tesla dominated the global EV market, followed by Volkswagen, China's SAIC and then Hyundai and Kia. It appears competition among global automakers to develop electric vehicles will likely heat up this year, as the market is expected to expand further with the Biden administration promoting eco-friendly vehicles.