Hyundai recently announced their plans to launch a fully electric sports utility vehicle. A Hyundai spokesperson recently revealed to the Korean Herald that the news the company was releasing a new, all-electric SUV was in fact, ‘true’.

It is being said that the new Hyundai SUV could potentially have a 320-km range when it comes to driving. The rumor is, it might also be all-wheel drive, and built on a separate platform from the newly released Ioniq hybrid hatch. The SUV would require a new platform on its own, as it would need enough room when it came to its battery pack size; the longer range would call for a bigger battery, thus a larger body for the SUV.

MSN reported that the new SUV seems like the natural next step for the company, as the popularity of EVs are increasing. The automaker is already well acquainted with this trend, as the Niro SUV, made by Kia – a subsidiary of Hyundai – also has a Ioniq hybrid drivetrain, and has been received well by the Korean market.

With all this, Hyundai would still have a bit of competition as it relates to EVs, and it comes in the form of the Telsa Model X. Still, with the Telsa vehicle costing approximately $132,000, it seems that Hyundai’s electric SUV may slot well under that price tag. While the electric SUV has not been given a name as of yet, the model should be released sometime in 2018.