Categories: EconomyNews

Hyundai introduces an electric vehicle aimed towards young professionals

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Nonhlanhla P Dube

Hyundai Motor presented a sedan version of its popular electric vehicle on Thursday, with an interior that can glow different colours depending on the speed of the car, as the manufacturer continues its ambitious EV drive with an eye on competing rivals like Tesla and General Motors Co.

Hyundai announced in a statement at the Busan International Motor Show in South Korea that the Ioniq 6 can drive up to 610 kilometres (379 miles) on a single charge of its 77.4-kilowatt-hour battery, compared to 429 kilometres for the Ioniq 5.

Production will begin this year in the third quarter, using batteries provided by LG Energy Solution and another Korean partner, SK On Co.

Sales in South Korea will begin in September, with a starting price of 55 million won (R711K), according to the business. Sales in the United States will begin in early 2023, with a larger deployment to follow. Prices for international consumers have not yet been disclosed.
 

In contrast to the larger, more family-focused Ioniq 5, the EV will be aimed at young, single professionals, according to Randy Parker, Hyundai’s senior vice president of North America sales. According to EV director Heung Soo Kim, the vehicle will be manufactured in Asan, South Korea, and there are no plans to export it at this time. Hyundai has not specified a sales target for the vehicle.

Hyundai intends to invest 95.5 trillion won(R1.2 trillion) in electrification this decade, launching at least 17 new models between now and 2030 and aiming for annual sales of 1.87 million EVs by the end of the decade. The company aims for a 7% share of the global EV market by 2030 and an 11% share in the US.

The Ioniq 6 arrives approximately seven and a half months after Hyundai subsidiary Kia introduced its latest Niro electric SUV. Kia’s EV9 premium SUV will be available in 2023.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Hyundai
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