Hyundai Launches Ioniq 6 Sedan, More Efficient And Cheap, To Compete With Tesla Model 3

Hyundai sedan Ioniq 6 engine and Tesla Model 3. (photo: twitter @HMGnewsroom)

JAKARTA - On Thursday, July 14, Hyundai Motor Co. launched its first electric sedan, the Ioniq 6. This type of sedan is at stake by the South Korean car maker to compete for the electric vehicle (EV) market share which is currently dominated by Tesla Inc.

The Ioniq 6 is one of more than 31 electric vehicle models from the Hyundai Motor Group - including Hyundai Motor and its sister company Kia Corp as well as the premium brand Genesis. They plan to introduce fully electric vehicles and target by 2030 to be able to secure 12% of electric car sales in the global market.

The Hyundai sedan will expand its EV range, beyond its current crossovers and SUVs, to compete head-to-head with the Model 3 sedan, Tesla's best-selling product.

IONIQ 6 is the ideal space flexible enough to fit all lifestyles where you can find your possibilities and awaken your greatness.Awaken Your WorldElectrified StreamlinerIONIQ 6 pic.twitter.com/ktsUfmUPil

— Hyundai Motor Group (@HMGnewsroom) July 14, 2022

Hyundai and Kia are already the second-largest EV shippers globally, excluding the Chinese market from January to May this year. According to industry tracker SNE Research, Hyundai has a combined market share of 13.5% which is second only to Tesla at 22%.

The Ioniq 6 will be priced in the range of 55 million won (Rp 630 million) to 65 million won (Rp 744 million) for the South Korean market. But there is no news when it will be marketed in Indonesia. While in Indonesia currently available Ioniq 5.

"The Ioniq 6 will be able to compete with Tesla in the EV sedan sector, given its competitive price and long range," said Lee Jae-il, an analyst at Eugene Investment & Securities, as quoted by Reuters.

The Ioniq 6 could take advantage of its price in the EV sedan market as Tesla has raised the price of the Model 3 several times.

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

"We use the same (battery) cell chemistry but ... we maximize the number of batteries per pack, increasing energy density significantly," said Kim Yong Wha, executive vice president at Hyundai.

The battery will come in two battery pack options - 53-kilowatt per hour (kWh) and 77.4 kWh - and will start production at the Asan plant in South Korea later this year.

"The Ioniq 6 will be available in South Korea this year and a US market launch is expected in the first quarter of next year," Kim added.

Hyundai says the Ioniq 6 launched this year will use batteries from SK Innovation SK On and LG Energy Solution batteries will be used from next year.

The launch comes after Hyundai announced its plans to build dedicated EV factories, both domestically and in the United States, with the Ioniq 5 and Kia's EV 6 SUVs jointly becoming the second best-selling EV after Tesla cars and ahead of Ford Motor Co's Mustang Mach. E.