The Korea Herald reports that Hyundai plans to launch a new brand of electrified vehicles in January. The first model from the new brand – tentatively named AE – will be a hybrid, followed by PHEV and pure EV versions.

According to the Herald, the five-door hatchback, envisioned as a competitor for the Toyota Prius, will be equipped with a 1.6-liter Kappa gas engine, an electric motor and a transmission tailored for hybrid models.

Hyundai has already announced plans for a plug-in hybrid version of the Sonata.

Earlier this year, Hyundai Motor Group Vice Chairman Chung Eui-sun said that plug-in hybrids were essential to the future survival of the company and the industry.

Source: Korea Herald via Green Car Congress