Hyundai Motors unveiled their first electric sedan, hopes to take the challenge to Tesla

Hyundai Motor Corp launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a larger share of the electric vehicle (EV) market monopolized by Musk’s Tesla.

The Ioniq 6 is one of over 31 EVs that Hyundai Motor Group—including Hyundai Motor, its sister firm Kia Corp and luxury brand Genesis—plans to introduce through 2030 to secure a projected 12 percent of the global EV market.

Hyundai’s sedan will expand its EV range beyond its current SUVs and crossovers to compete mano-a-mano against the Model 3 sedan, Tesla’s best-selling model.

Kia and Hyundai were already the second-biggest EV shippers globally, excluding China, from January to May of 2022, with a combined 13.5 percent market share, second only to Tesla’s 22 percent market share.

The Hyundai Ioniq 6 will be priced at 55 million won ($41,949.51) to 65 million won for the South Korean market.

Lee Jae-il, a Eugene Investment & Securities analyst, said the Ioniq 6 would compete with Tesal in the volume EV sedan sector, considering its competitive pricing and extended driving range.

The Hyundai Ioniq 6 will be available in two battery pack options—53 kWh and 77.4 kWh—and will start production in South Korea in late 2022, Hyundai said.