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Hyundai Motor unveils its new electric vehicle to compete with Tesla

To increase its market share in the Tesla-dominated electric car industry, Hyundai Motor unveiled its first electric sedan.

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Hyundai Motor Co. unveiled its first electric sedan, the Ioniq 6, on Thursday in an effort to get a larger portion of the electric vehicle (EV) market, which is currently dominated by Tesla Inc. The South Korean manufacturer is placing its bets on the Ioniq 6.

In order to win a predicted 12 percent of the worldwide EV market. The Hyundai Motor Group, which consists of Hyundai Motor, its sister firm Kia Corp, and premium brand Genesis, wants to launch more than 31 electric cars by 2030.

In order to go head-to-head with Tesla’s best-selling Model 3 sedan. Hyundai’s sedan will increase its electric vehicle range past that of its existing crossovers and SUVs.

According to market researcher SNE Research, Hyundai and Kia were already the second-largest EV exporters outside of China from January to May of this year. With a combined 13.5 percent market share, trailing only Tesla at 22 percent.

For the South Korean market, the Ioniq 6 will cost between 55 million won ($41,949.51) and 65 million won.

According to Lee Jae-il, an analyst at Eugene Investment & Securities, “The Ioniq 6 will be able to compete with Tesla in the volume EV sedan segment. Considering its reasonable cost and lengthy driving range.”

Due to several price increases by Tesla, the Ioniq 6 may benefit from its pricing in the EV sedan market, he continued.

According to Hyundai, the electric car will have a driving range of around 610 kilometers (380 miles). Which is roughly 30% more than the Ioniq 5 crossover.

Kim Yong Wha, an executive vice president of Hyundai, stated, “We are employing the same (battery) cell chemistry. But we maximized the number of batteries per pack, boosting energy density dramatically.

Production will start at Hyundai’s Asan facility in South Korea later this year. And will be available in two battery pack sizes: 53 kWh and 77.4 kWh.

The Ioniq 6 will be available in South Korea this year. And the introduction to the American market is to be in the first quarter of 2023.

Hyundai stated that the Ioniq 6 will employ SK Innovation’s SK On batteries, using LG Energy Solution batteries starting in 2023.

The Ioniq 5 and Kia’s EV 6 SUV combined became the second-best selling EVs. After Tesla vehicles and ahead of Ford Motor Co.’s Mustang Mach-E. The debut comes after Hyundai revealed its ambitions to develop specialized EV factories both at home and in the United States.

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