SEOUL, July 14 Reuters Hyundai Motor Co on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle EV market dominated by Tesla Inc .

The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group including Hyundai Motor, its sister company Kia Corp and premium brand Genesis plans to introduce through 2030 to secure a projected 12 of the global EV market.

Hyundai39;s sedan will expand its EV range beyond its current crossovers and SUVs to compete headtohead against Tesla39;s bestselling Model 3 sedan.

Hyundai and Kia were already the secondbiggest EV shippers globally excluding China in January to May this year, with a combined 13.5 market share that was second only to Tesla at 22, according to industry tracker SNE Research.

The Ioniq 6 will be priced in the range of 55 million won 41,949.51 to 65 million won for the South Korean market.

The Ioniq 6 will be able to compete with Tesla in the volume EV sedan sector, considering its competitive pricing and long driving range, said Lee Jaeil, an analyst at Eugene Investment Securities.

The Ioniq 6 could leverage its pricing in the EV sedan market because Tesla has increased prices several times, he added.

The Hyundai electric sedan will have a driving range of about 610 kilometres 380 miles, around 30 more than the Ioniq 5 crossover, Hyundai said.

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