Watch out Tesla, Hyundai plans 10 EVs for this market by end of 2022
Hyundai has made its intentions of playing a larger role in the electrified vehicle market amply clear the world over. And while the Chinese, European and the home market of South Korea remains crucial, the US too figures as a big area of intended thrust. Little wonder then that Hyundai has plans of driving out as many as 10 electrified vehicles in the market here by end 2022.
Hyundai Motor Group had previously already confirmed an investment of $7.5 billion to manufacture EVs in the US and that this investment will be made through till 2025. Hyundai plans to start manufacturing of EVs in the country by next year, a year that could be a watershed moment for the Koreans. The company has confirmed it will roll out as many as seven electrified SUVs and another three electric car models for customers here.
Three of the upcoming Hyundai green vehicles would be the new 2022 Kona Electric, Santa Fe Plug-In Hybrid and Ioniq 5 electric SUV. While the new Kona and Santa Fe are expected to launch within a few months, Ioniq 5 EV will hit the market sometime later this year.
Tesla has been the largest stakeholder in the Indian electric car market for quite some time. Despite several automakers attempting to bring in their electric vehicles in the US market, Elon Musk's company still leads the pack. With Hyundai bringing in green vehicles and a significant number of them likely to be pure EVs, Tesla might face a strong challenge from its Korean rival.
The US is one of the major markets when it comes to electric vehicles. Hyundai aims to grab a substantial market share in that segment. Currently, the South Korean automobile giant sells EVs like Kona, Nexo HFCV, Ioniq in the US market. Apart from that, it also sells several hybrid and plug-in hybrid models.