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Hyundai Motor Co on Thursday launched its first electrical sedan, Ioniq 6, which the South Korean automaker is betting will assist it seize an even bigger share of the electrical car (EV) market dominated by Tesla.
The Ioniq 6 is one in all greater than 31 electrical fashions that Hyundai Motor Group – together with Hyundai Motor, its sister firm Kia Corp and premium model Genesis – plans to introduce by way of 2030 to safe a projected 12% of the worldwide EV market.
Hyundai’s sedan will develop its EV vary past its present crossovers and SUVs to compete head-to-head in opposition to Tesla’s best-selling Mannequin 3 sedan.
Hyundai and Kia have been already the second-biggest EV shippers globally excluding China in January to Might this 12 months, with a mixed 13.5% market share that was second solely to Tesla at 22%, based on business tracker SNE Analysis.
The Ioniq 6 can be priced within the vary of 55 million received ($41,949.51) to 65 million received for the South Korean market.
“The Ioniq 6 will be capable of compete with Tesla within the quantity EV sedan sector, contemplating its aggressive pricing and lengthy driving vary,” mentioned Lee Jae-il, an analyst at Eugene Funding & Securities.
The Ioniq 6 might leverage its pricing within the EV sedan market as a result of Tesla has elevated costs a number of instances, he added.
The Hyundai electrical sedan can have a driving vary of about 610 kilometres (380 miles), round 30% greater than the Ioniq 5 crossover, Hyundai mentioned.
“We’re utilizing the identical (battery) cell chemistry however … we maximised the quantity of batteries per every pack, enhancing power density considerably,” mentioned Kim Yong Wha, an government vice chairman at Hyundai.
It would are available in two battery pack choices – 53-kilowatt per hour (kWh) and 77.4 kWh – and can start manufacturing at its Asan plant in South Korea later this 12 months, Hyundai mentioned.
The Ioniq 6 can be obtainable in South Korea this 12 months and the US market launch is anticipated within the first quarter of subsequent 12 months, it added.
Hyundai mentioned the Ioniq 6 launched this 12 months would supply batteries from SK Innovation’s SK On and LG Vitality Resolution’s batteries can be used from subsequent 12 months.
The launch comes after Hyundai introduced its plans to construct devoted EV vegetation each at residence and america, the place the Ioniq 5 and Kia’s EV 6 SUV collectively turned the second-best promoting EVs after Tesla vehicles and forward of Ford Motor Co’s Mustang Mach-E.
Supply: Reuters
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