Hyundai to Take on Tesla With New Long-Range EV Focus

Hyundai is planning to take on Tesla Inc (NASDAQ:TSLA) with long-range EVs.

Hyundai to Take on Tesla With New Long-Range EV Focus
Source: Hyundai

The first act by Hyundai that will have it directly challenging Tesla will be the introduction of a long-range EV in the first half of 2018. This vehicle will be an electrics version of its Kona SUV that will have a range of about 240 miles per charge.

The second effort from Hyundai to take on Tesla will be the introduction of a new vehicle under the Genesis brand in 2021. The company says that this long-range EV will be able to go up to 310 miles per charge.

Here’s a breakdown of the range on Tesla’s EVs for comparison.

  • Tesla Model S — At least 265 miles per charge.
  • Tesla Model X — Up to 295 miles per charge.
  • Tesla Model 3 — Roughly 220 miles per charge.

Hyundai also says that it is developing an EV platform. This will allow the car company to more easily develop electrics vehicles that can have longer ranges. It is also working on plans to introduce 31 eco-friendly models by 2020. Eight of these will get their power from batteries, reports Reuters.

Hyundai isn’t anywhere close to the only car company that is looking to challenge Tesla. Several others have also announced their plans for introducing EVs in the future. This includes efforts from Nissan Motor Co Ltd (ADR) (OTCMKTS:NSANY), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and more. You can check out a list of the electric rivals for TSLA at this link.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

©2020 InvestorPlace Media, LLC