Hyundai Motor launches its first electric sedan ‘Ioniq 6’, taking on Tesla

Hyundai Motor Co on Thursday (Jul 14) launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will assist it with snatching a greater portion of the electric vehicle (EV) market overwhelmed by Tesla Inc.

The Ioniq 6 is one of in excess of 31 electric models that Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp and premium brand Genesis – plans to acquaint through 2030 to secure a projected 12 percent of the global EV market.

Hyundai’s sedan will grow its EV range past its ongoing crossovers and SUVs to compete head-to-head against Tesla’s top-rated Model 3 sedan.

Hyundai and Kia were at that point the second-greatest EV shippers globally excluding China from January to May this year, with a combined 13.5 percent market share that was second just to Tesla at 22%, as per industry tracker SNE Research.

The Ioniq 6 will be valued in the scope of 55 million won (US$41,949.51) to 65 million won for the South Korean market.

“The Ioniq 6 will be able to compete with Tesla in the volume EV sedan sector, considering its competitive pricing and long driving range,” said Lee Jae-il, an analyst at Eugene Investment & Securities.

The Ioniq 6 could leverage its pricing in the EV sedan market since Tesla has expanded costs a few times, he added.

The Hyundai electric sedan will have a driving scope of around 610km, around 30% more than the Ioniq 5 crossover, Hyundai said.

“We are using the same (battery) cell chemistry but … we maximized the number of batteries per pack, enhancing energy density significantly,” said Kim Yong Wha, an executive vice president at Hyundai.

It will come in two battery pack choices – 53kWh and 77.4kWh – and will start creation at its Asan plant in South Korea not long from now, Hyundai said.

The Ioniq 6 will be accessible in South Korea this year and the US market launch is normal in the main quarter of the following year, it added.

Hyundai said the Ioniq 6 launch this year would source batteries from SK Innovation’s SK On and LG Energy Solution’s batteries will be utilized from the following year.

The launch comes after Hyundai announced its plans to build dedicated EV plants both at home and in the United States, where the Ioniq 5 and Kia’s EV 6 SUV together turned into the second-top selling EVs after Tesla cars and in front of Ford Motor Co’s Mustang Mach-E.