The company will launch an all-electric Genesis model by 2021.

Hyundai has confirmed plans to develop its own platform dedicated to electric vehicles.

"The electric-vehicle platform will require high up-front investments but we are doing this to prepare for the future," Hyundai senior vice president Lee Ki-Sang told Reuters.

Hyundai appears to be further hedging against its risky bet on hydrogen. The Tucson Fuel Cell has failed to gain traction, despite growing demand for SUVs and crossovers.

The Ioniq Electric will be the first model to test the waters but, with just 124 miles of electric range, it will be potentially overshadowed by long-range alternatives.

The next Hyundai-Kia EVs will be small crossovers based on existing platforms, starting with a Hyundai-badged model and followed by a Kia variant. The comments could be referring to the rumored Niro EV.

Hyundai will launch an EV for its luxury Genesis brand in 2021, following a Genesis plug-in hybrid in 2019.