SEOUL, SOUTH KOREA: Hyundai Motor Co. unveiled its first electric car, 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 cars 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 existing crossovers and SUVs.
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 segment, considering its reasonable cost and lengthy driving range.”
Due to several price increases by Tesla, the Ioniq 6 may benefit from its pricing in the EV sedan market, he continued.
According to Hyundai, the electric car will have a range of roughly 610 kilometres (380 miles), which is about 30% more than the Ioniq 5 crossover.
We increased the number of batteries in each pack while maintaining the same (battery) cell chemistry to greatly increase energy density, according to the statement by Kim Yong Wha, an executive vice president at Hyundai.
\ 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 of the American market is anticipated for the first quarter of 2019.
Hyundai stated that the Ioniq 6 introduced this year will employ SK Innovation’s SK On batteries, with LG Energy Solution batteries being used starting in 2019.
The debut comes after Hyundai revealed its intentions to establish EV-specific manufacturing facilities both domestically and in the US, where the Ioniq 5 and Kia’s EV 6 SUV jointly overtook Ford Motor Co.’s Mustang Mach-E to rank as the second-best selling EVs after Tesla vehicles.
($1 = 1,311.1000 won)