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

Electric And Concept Cars

CIO Bulletin
2022-07-14

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.