Hyundai powers EV race with car that can cook dinner

Hyundai Motor Co. unveiled its new electric vehicle (EV), Ioniq 5, which claims more abilities than an average EV. In a series of promotional videos premiered on YouTube, the car powers treadmills, music systems and a portable oven. The car manufacturer claims that the car can supply up to 3.6 kilowatts of power to run refrigerators and stoves. The vehicle is reportedly starting its sales in the next few months.

"We looked at the wider meaning of space that would include outdoor and daily activities that consumers can do with their cars," Heung Soo Kim, a senior vice president of Hyundai, said in an interview last month.

The carmaker claims that Ioniq 5 offers bi-directional charging, which means an owner can power appliances from the car battery. Powerful appliances like refrigerators would drain an average car battery. Usually, Campers who use such devices on their trips tags a generator along or install a dual battery system. The Ioniq 5, with its flattened chassis, gives the car a spacious cabin, which will be ideal for the campers.

Hyundai says that Ioniq 5 also offers the option to install a solar panel roof that will charge the battery pack, providing an additional driving range of 1300 kilometres annually.

Ioniq 5 is built on a unique platform called Electric-Global Modular Platform (E-GMP). The charging speed is a key feature of the platform. The platform, which Hyundai is planning to install in multiple models, enables EVs to charge from 10% to 80% in 18 minutes. It could add a 100 kilometres of driving range in 5 minutes of charging. The EVs will have a maximum range of 500 kilometres on a single charge with abilities to charge at both 800 and 400 volts.

Hyundai plans to sell 26,500 units this year in South Korea, its home market, and 741,500 units worldwide. According to its website, the prices for Ioniq 5 start at 52 million won (46,000 US Dollars) before subsidies.

Hyundai is reportedly working on building ultra-high-speed charging infrastructure through its E-pit brand. Emerging markets like India and South East Asia are now the car maker's target. Kim also said that the company is considering a partnership with local governments in building charging stations to support demand for EVs.

Though the carmaker was behind EV pioneers like Tesla Inc., Volkswagen AG and BMW AG, Ioniq 5 is worthy of competing with them. "Hyundai has come a long way from being one of the latecomers to the EV market to offering a very competitive product with the Ioniq 5," Lee Jae-il, an analyst at Eugene Investment & Securities Co. in Seoul, reportedly said.

Hyundai Motors Co. shares rose 0.4% in early Seoul trading Wednesday. The shares rose to 20% this year, making them one of the best-performing auto stocks now.

(based on Bloomberg story)