HYUNDAI TAKES ON TESLA WITH LAUNCH Of ITS FIRST ELECTRIC SEDAN
Written By: Jane Nam
Hyundai unveiled its latest electric vehicle model and first sedan — the sleek and powerful Ioniq 6 — at the Busan International Motor Show on Thursday in a move that will put the South Korean automaker in direct competition with Tesla.
The design was reportedly inspired by airplanes, which is evident in the car’s aerodynamic shape, or what the company describes as a “streamlined silhouette.”
Two versions of the sedan will be available for purchase in the first half of next year: the first being a standard model with a 53 kWh battery pack and the second with a 77.4 kWh battery, allowing the user to travel up to 524 km (over 325 miles) on a single charge.
Prices of the vehicles will range from 55 million won (approximately $41,950) to 65 million won (approximately $49,359) in the South Korean market, depending on desired features.
Hyundai Motor Group, which includes sister company Kia Corp and premium brand Genesis, boasts over 31 electric models in its portfolio and plans to launch them through 2030 to secure a predicted 12 percent of the global EV market.
From January to May of this year, Hyundai and Kia held an impressive 13.5 percent of the market share, second only to Tesla at 22 percent.
Lee Jae-il, an analyst from Korea-based company Eugene Investment & Securities, told Reuters, “The Ioniq 6 will be able to compete with Tesla in the volume EV sedan sector, considering its competitive pricing and long driving range."
Hyundai plans to build EV plants in both South Korea and the U.S. to become the second-best selling EVs, second to Tesla but ahead of American car Ford Motor Co’s Mustang Mach-E.
The IONIQ 7 SUV model is set to be introduced in 2024.
