On Thursday, Hyundai Motor Co. unveiled its first electric car, the Ioniq 6, to increase its market share in the Tesla Inc.-dominated electric vehicle (EV) industry.
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 luxury brand Genesis, wants to launch more than 31 electric cars by 2030.
To go head-to-head with Tesla’s best-selling Model 3 sedan, Hyundai’s sedan will increase its electric vehicle range beyond its existing crossovers and SUVs.
According to market researcher SNE Research, Hyundai and Kia were already the second-largest EV exporters outside of China from January to May this year, with a combined 13.5 percent market share, behind only Tesla at 22 percent.
For the South Korean market, the Ioniq 6 will cost between KRW 55 million (approximately Rs. 33,53,800) and KRW 65 million (about Rs. 3,964,200).
According to Lee Jae-il, a Eugene Investment & Securities analyst, “The Ioniq 6 will be able to compete with Tesla in the volume EV sedan segment, given 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 said.
According to Hyundai, the electric car will have a driving range of roughly 610 kilometers (380 miles), which is about 30% greater than the Ioniq 5 crossover.
Kim Yong Wha, an executive vice president of Hyundai, stated, “We are employing the same (battery) cell chemistry, but… we maximized the number of batteries per each pack, boosting energy density dramatically.
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 to the American market is anticipated for the first quarter of 2019.
Hyundai said 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 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.