Hyundai Motor Co. unveiled its first electric sedan, the Ioniq 6, on Thursday in an effort to increase its market share in the Tesla Inc. dominated electric vehicle (EV) industry.
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 models 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 current crossovers and SUVs.
According to industry watcher SNE Research, Hyundai and KIA were already the second-largest EV exporters internationally outside of China from January to May this year, with a combined 13.5 percent market share that was second only to 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 sector, considering its competitive cost and lengthy driving range.”
Due to multiple price increases by Tesla, the Ioniq 6 may benefit from its pricing in the EV sedan market, he continued.
According to Hyundai, the electric sedan will have a driving range of approximately 610 kilometers (380 miles), which is about 30% more than the Ioniq 5 crossover.
Kim Yong Wha, an executive vice president of Hyundai, stated, “We are using the same (battery) cell chemistry but … we maximized the amount of batteries per each pack, enhancing energy density significantly.”
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 offered in South Korea this year, and the introduction to the American market is anticipated for the first quarter of 2019.
The announcement comes after Hyundai revealed its plans to develop specialized EV factories both at home and in the United States, where the Ioniq 5 and KIA’s EV 6 SUV combined became the second-best selling EVs after Tesla cars and above Ford Motor Co.’s Mustang Mach-E.
To read our blog on “Geely FX11 hybrid SUV has been revealed ahead of its debut,” click here.
