Hyundai developing dedicated EV platform; first model arriving in 2020

The company wants to be among the top three EV makers globally.

Hyundai has reaffirmed its plan to build a dedicated platform for all-electric vehicles.

The Korean automaker will introduce a new model underpinned by the EV architecture sometime next year. The vehicle's identity was not mentioned in the latest announcement, however.

Previous comments suggest the mystery model will be sold under the Genesis brand. If Genesis boss Manfred Fitzgerald gets his way, the company will build a production version of the Essentia concept (pictured), perhaps as early as 2021 or 2022.

Hyundai Motor Group aims to become one of the world's top three EV manufacturers by 2025,

Surprisingly, the company is still making a big bet on hydrogen with plans to spend more than $7 billion for 600,000-unit-per-year FCV production capacity by 2030.