Hyundai Motor Co on Thursday launched its first electric sedan, Ioniq 6 as per report of market research companies. The car is a product of Hyundai’s new EV production line in the southern city of Ulsan and will be available for purchase starting in July. The vehicle has an electric range of 310 km (193 miles) per charge and can travel up to 500 km (311 miles) before needing a recharge.
The carmaker said it hopes to use its new electric car to expand its market share in the EV industry dominated by Tesla Inc.
Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp, and premium brand Genesis – has announced it plans to introduce 31 electric models through 2030. The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group plans to introduce through 2030 to secure a projected 12% 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.
The new car, which is set to be revealed later this year, will be built on Hyundai’s new “N” platform, which will offer drivers an even more refined driving experience than the current model. The new platform will also help the automaker achieve its goal of becoming a more competitive player in the luxury vehicle market by offering a more luxurious feel to the vehicle.
The global EV market is growing, and Hyundai and Kia are leading the way.
Hyundai and Kia were already the second-biggest EV shippers globally excluding China in January to May this year, with a combined 13.5% market share that was second only to Tesla at 22%, according to industry tracker SNE Research.
The two companies have been working together for years on their electric vehicle development, so it’s not surprising to see them both making huge strides forward in 2019.
We are excited to announce the Ioniq 6, a new addition to our electric vehicle lineup.
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.
We’re proud to offer this new option for customers looking for an affordable, high-quality electric car that can help them save money on fuel costs while still getting around town with ease.
Hyundai’s Ioniq 6 sedan will be able to compete with Tesla in the volume EV sedan sector, according to 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 pricing and long driving range,” said Lee Jae-il, an analyst at Eugene Investment & Securities. “It has many attractive features such as its safety and high performance.” it added.
