Hyundai Motor Launches First Electric Sedan Ioniq 6
Hyundai Motor Co has launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle (EV) market dominated by Tesla Inc .
The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group - including Hyundai Motor, its sister company Kia Corp and premium brand Genesis - plans to introduce through 2030 to secure a projected 12 per cent of the global EV market.
Hyundai's sedan will expand its EV range beyond its current crossovers and SUVs to compete head-to-head against Tesla's best-selling Model 3 sedan.
Hyundai and Kia were already the second-biggest EV shippers globally excluding China in January to May this year, with a combined 13.5 per cent market share that was second only to Tesla at 22 per cent, according to industry tracker SNE Research.
The Ioniq 6 will be priced in the range of 55 million won ($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 because Tesla has increased prices several times, he added.
The Hyundai electric sedan will have a driving range of about 610 kilometres (380 miles), around 30 percent more than the Ioniq 5 crossover, Hyundai said.
Source: Reuters
