TSLA - Hyundai looks to break into the U.S. electric vehicle market

Hyundai Motor ( OTCPK:HYMLF ) unveiled the Ioniq 6 electric vehicle this week with the South Korean automaker positioning itself to challenge Tesla ( TSLA ) in more markets next year.

The all-electric vehicle will be priced at $42,000. The Ioniq 6 will have several battery capacity options, with the rear-drive model available with either a 53.0-kWh or 77.4-kWh pack and the AWD model coming exclusively with the larger pack. Fast-charging stations will reportedly boost the battery from 10% to 80% charge in just 18 minutes. Car and Driver thinks the streamlined shape could help the model earn a 400-mile range estimate from the EPA.

Watch for more details about the configuration, performance and pricing of the North American version of the Ioniq 6 to be released at the L.A. auto show in November. The Ioniq 6 will be produced for the U.S. in the first quarter of 2023.

"The Ioniq 6 will be able to compete with Tesla ( TSLA ) in the volume EV sedan sector, considering its competitive pricing and long driving range," forecast Eugene Investment & Securities analyst.

EV dreams: Hyundai and sister company Kia Motor ( OTCPK:KIMTF ) have a goal to reach 12% global electric vehicle market share by 2030.

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