South Korea-based Hyundai Motor Co HYMTF HYMLY unveiled its first electric sedan Ioniq 6 in Seoul on Thursday, as the automaker seeks to capture the lion’s share of the rapidly evolving EV market at home.

What Happened: Rivaling the likes of Tesla Inc TSLANio Inc NIOXpeng Inc XPEV, and other EV makers, Hyundai is looking to launch as many as 31 electric models by 2030 to secure a projected 12% of the global EV market.

Hyundai’s Ioniq 6 electric sedan is one of the many EVs planned by the South Korean carmaker expected to compete head-to-head against Tesla’s best-selling Model 3 sedan in the country.

See Also: Hyundai Plans To Build EV Factory In South Korea: Reuters

Hyundai and its company Kia Corp were already the second-biggest EV shippers globally, excluding China, from January to May this year, according to industry tracker SNE Research. The carmakers had a combined market share of 13.5%, second only to Tesla, which had a 22% market share. 

The production of Ioniq 6 is slated to begin in the third quarter of 2022, and the company will announce the dates for the market launch later.

How Much Does It Cost: The Hyundai Ioniq 6 will be priced from 55 million won ($41,949) to 65 million won ($49637) for the South Korean market.

The electric sedan will be available in two battery pack options, 53-kilowatt per hour (kWh) and 77.4 kWh, with a driving capacity of about 610 km (380 miles), around 30% more than the Ioniq 5 crossover, Hyundai said.

Price Action: According to data from Benzinga Pro, Hyundai’s OTC shares closed higher by 2.03% at $34.75 on Wednesday.

See Also: After Tesla, This EV Maker Said To Be Planning Hundreds Of Job Cuts

Photo courtesy: Hyundai



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