Hyundai Motor takes on Tesla with launch of its first electric sedan & More Latest News

Hyundai Motor Co on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will assist it seize an even bigger share of the electric car (EV) market dominated by Tesla Inc.

The Ioniq 6 is one of greater than 31 electric fashions that Hyundai Motor Group – together with Hyundai Motor, its sister firm Kia Corp and premium model Genesis – plans to introduce by 2030 to safe a projected 12% of the worldwide EV market.

Hyundai’s sedan will develop its EV vary past its present crossovers and SUVs to compete head-to-head in opposition to Tesla’s best-selling Model 3 sedan.

Hyundai and Kia have been already the second-biggest EV shippers globally excluding China in January to May this 12 months, with a mixed 13.5% market share that was second solely to Tesla at 22 per cent, based on business tracker SNE Research.

The Ioniq 6 can be priced within the vary of 55 million gained ($41,949.51) to 65 million gained 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,” stated Lee Jae-il, an analyst at Eugene Investment & Securities.

The Ioniq 6 may leverage its pricing within the EV sedan market as a result of Tesla has elevated costs a number of occasions, he added.

The Hyundai electric sedan can have a driving vary of about 610 kilometres (380 miles), round 30% greater than the Ioniq 5 crossover, Hyundai stated.

“We are using the same (battery) cell chemistry but … we maximized the amount of batteries per each pack, enhancing energy density significantly,” stated Kim Yong Wha, an government vp at Hyundai.

It will are available two battery pack choices – 53-kilowatt/hour (kWh) and 77.4 kWh – and can start manufacturing at its Asan plant in South Korea later this 12 months, Hyundai stated.

The Ioniq 6 can be out there in South Korea this 12 months and the U.S. market launch is predicted within the first quarter of subsequent 12 months, it added.

Hyundai stated the Ioniq 6 launched this 12 months would supply batteries from SK Innovation’s SK On and LG Energy Solution’s batteries can be used from subsequent 12 months.

The launch comes after Hyundai introduced its plans to construct devoted EV vegetation each at dwelling and the United States, the place the Ioniq 5 and Kia’s EV 6 SUV collectively grew to become the second-best promoting EVs after Tesla automobiles and forward of Ford Motor Co’s Mustang Mach-E.

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