Hyundai aims to compete with Tesla with the launch of the first electric Ioniq 6 model

Hyundai Motor Co on Thursday launched its first electric sedan, the Ioniq 6, which the South Korean carmaker is betting will help it capture a larger share of the electric vehicle (EV) market led by Tesla Inc. . dominate.

Ioniq 6 is one of more than 31 electric models Hyundai Motor Corporation – which includes Hyundai Motor, sister company Kia Corp and premium brand Genesis – plans to introduce by 2030 to cover 12% of the global market EV market.

Hyundai’s sedan will expand its EV range beyond current crossovers and SUVs to compete directly with Tesla’s The best-selling sedan 3.

Hyundai and Kia were already the second largest carriers of electric vehicles globally excluding China from January to May this year, with a combined market share of 13.5%, second only to Tesla with 22%, according to the company. industry tracker SNE Research.

The Ioniq 6 will be priced between 55 million KRW (approximately Rs 33,53,800) to KRW 65 million (approximately Rs 3,964,200) for the Korean market.

Lee Jae-il, an analyst at Eugene Investment & Securities, said: “The Ioniq 6 will be able to compete with Tesla in the field of bulk EV sedans, in terms of its competitive pricing and long driving range. .

The Ioniq 6 could boost its price in the EV sedan market because Tesla has raised prices several times, he added.

Hyundai says its electric sedan will have a driving range of about 610 km (380 miles), about 30% more than the Ioniq 5 crossover.

“We are using the same cell chemistry (battery) but… we have maximized the amount of battery per pack, increasing energy density significantly,” said Kim Yong Wha, executive vice president of Hyundai. told,” said Kim Yong Wha, executive vice president of Hyundai.

It will come in two battery pack options – 53 kilowatt-hours (kWh) and 77.4 kWh – and will begin production at the Asan plant in South Korea later this year, Hyundai said.

The Ioniq 6 will be available in South Korea this year and is expected to launch in the US in the first quarter of next year.

Hyundai said that this year’s Ioniq 6 will be powered by SK Innovation’s SK On and LG Energy Solution’s batteries will be used from next year.

The launch comes after Hyundai announced plans to build dedicated EV plants in both the country and the United States, where Kia’s Ioniq 5 and EV 6 SUV together become the second-best-selling EVs behind Tesla. and before Ford Motor Co’s Mustang Mach. E.

© Thomson Reuters 2022

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