Seoul, Sep 4 (IANS): Hyundai Motor on Monday launched the N brand's first all-electric model, the Ioniq 5 N, in the domestic market as it accelerates its transition to a future mobility solutions provider.

The Ioniq 5 N, first unveiled at the 2023 Goodwood Festival of Speed in Great Britain in July, comes with an 84 kWh battery pack and can accelerate from zero to 100 kph in 3.4 seconds, the company said in a statement.

The new model represents a new segment of driver-focused high-performance EVs since it boasts advanced cornering and racetrack capabilities as an everyday sportscar, reports Yonhap news agency.

It is priced at $58,000 after individual consumption taxes and tax benefits given to environment-friendly vehicles. It can travel about 350 kms on a single charge, the statement said.

Ioniq 5 N combines the standard Ioniq 5 model's electric global modular platform (E-GMP) with N's motorsport-bred technologies. E-GMP is Hyundai Motor Group's dedicated EV platform.

Hyundai's Ioniq 5 and Ioniq 6 are built on the E-GMP platform, with the same platform-based Ioniq 7 set to be released next year.

Hyundai's independent Genesis brand's GV60 SUV, and its smaller affiliate Kia Corp.'s EV6 and EV9 SUVs also share the E-GMP platform.

The maker of Sonata sedans and Santa Fe SUVs plans to invest 109.4 trillion won by 2032 to secure a leading position in the global future mobility market, while aiming to sell 1 million pure electric models by 2030.

Hyundai's first dedicated EV factory, the 300,000-unit-a-year Hyundai Motor Group Metaplant America in Georgia, the U.S., is under construction with a goal to start operations in the second half of 2024.

Another EV-dedicated plant is being built in Korea with the aim of starting production in 2025.

The N models bring full performance capability to daily driving, while the N Line brings performance-inspired elements to base model vehicles. The N Line models sit between Hyundai's high-performance N brand and the general Hyundai brand.