Ioniq 6

On Thursday, Hyundai announced its first EV sedan, the Ioniq 6. The South Korean carmaker hopes this strategy will help the company to increase its market share of electric vehicles to 12% worldwide. Hyundai Motor Group, which includes sister brand Kia, and premium brand Genesis, wants to launch more than 31 electric models by 2030.

The Ioniq 6 is the first electric sedan to compete against Tesla’s Model 3 sedan. There are many features in the Ioniq 6 that can compete against the Tesla Model 3 Sedan, like price and long driving range. So far, Hyundai projects to sell this vehicle between 55 million won to 65 million won in South Korea.

According to market researcher SNE Research, Hyundai and Kia were already the second-largest EV shippers outside of China from January to May of this year, with a combined 13.5% market share, trailing only Tesla at 22%.

Tesla has recently increased the prices of their electric vehicle multiple times, which gives Hyundai the upper hand as they can competitively price their newest car. The latest Hyundai model has a driving range of 380 miles, a 30% increase from the previous model.

The Ioniq 6 expects to enter the U.S. market in early 2023.


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