SEOUL, July 14(ABC): Hyundai Motor Co (005380.KS) on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle (EV) market dominated by Tesla Inc .
The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp (000270.KS) and premium brand Genesis – 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.
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 Ioniq 6 will be priced in the range of 55 million won ($41,949.51) to 65 million won for the South Korean market.
“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.
The Ioniq 6 could leverage its pricing in the EV sedan market because Tesla has increased prices several times, he added.
The Hyundai electric sedan will have a driving range of about 610 kilometres (380 miles), around 30% more than the Ioniq 5 crossover, Hyundai said.
“We are using the same (battery) cell chemistry but … we maximised the amount of batteries per each pack, enhancing energy density significantly,” said Kim Yong Wha, an executive vice president at Hyundai.
It will come in two battery pack options – 53-kilowatt per hour (kWh) and 77.4 kWh – and will begin production at its Asan plant in South Korea later this year, Hyundai said.
The Ioniq 6 will be available in South Korea this year and the U.S. market launch is expected in the first quarter of next year, it added.
Hyundai said the Ioniq 6 launched this year would source batteries from SK Innovation s (096770.KS) SK On and LG Energy Solution s (373220.KS) batteries will be used from next year.
The launch comes after Hyundai announced its plans to build dedicated EV plants both at home and the United States, where the Ioniq 5 and Kia s EV 6 SUV together became the second-best selling EVs after Tesla cars and ahead of Ford Motor Co s (000270.KS) Mustang Mach-E.