South Korean car manufacturer Hyundai is joining the race for dominance in the electric car market as it announced that it will be focusing on electric vehicles as the center of its product strategy. In line with this, the company is planning to launch a premium long-distance electric car to rival American pioneer Tesla.
In a news conference, Executive Vice President Lee Kwang-guk announced the company's future plans when it comes to environment-friendly transportation. "We're strengthening our eco-friendly car strategy, centering on electric vehicles," he said, according to a report by Reuters.
The company is working on a long range electric sedan to be launched under its high-end Genesis brand by 2021. This new car will have a range of 310 miles, which is far greater than the 220-mile range of the widely popular Tesla Model 3 that started mass production earlier this year.
Additionally, Hyundai will also be introducing the electric variant of its sport utility vehicle (SUV) Kona in the first half of next year. Once released, the electric Kona will have a range of 240 miles.
Last year, Hyundai launched its first mass market electric car, the Ioniq. It has a range of 124 miles, shorter compared to its competitors, like Chevrolet Bolt's 238 miles and the aforementioned Model 3.
Previously, Hyundai supported fuel cell technology and believed it was the future of eco-friendly vehicles. However, following the positive response to Tesla's unveiling of the Model 3, the company has opted to shift its focus to electric vehicles instead.
Aside from Hyundai, other car manufacturers around the world have begun to invest in electric car innovation and design. Toyota and Mazda are building an assembly plant to collaborate in developing electric cars and advanced safety technologies. BMW, on the other hand, has electric vehicles lined up for release in 2019 and 2020.
