According to Reuters, the Ioniq 6 is part of some 31 EV models that Hyundai Motor Group, the parent company of Hyundai, Kia and Genesis, plans to release in the future.

The South Korean carmaker hopes that this move will bring it 12% share in the EV market.

Hyundai's Ioniq 6 is a new addition in the family of electric crossovers and SUVs offered by the company, as a competitor to the Tesla Model 3.

The Ioniq 6 will be priced at around 42.000 USD in its home country.

Lee Jae-il, an analyst at Eugene Investment & Securities, stated that "the Ioniq 6 will be able to compete with Tesla in the volume EV sedan sector, considering its competitive pricing and long driving range."

He warned that the price of the electric sedan might fluctuate, as Tesla increased the price of its own models a few times in the past.

Hyundai said drivers should expect a range of about 610 kilometers from the Ioniq 6, about 30% more compared to the Ioniq 5.

Kim Yong Wha, executive vice president at Hyundai, said that "we are using the same (battery) cell chemistry but ... we maximized the amount of batteries per each pack, enhancing energy density significantly."

The car will be manufactured at the Asan plan in South Korea and will be available with two battery packs, a 53-kilowatt-hour option and a 77.4kWh variant.