STORY: Hyundai unveiled its first electric sedan on Thursday, as it pushes to challenge Tesla's dominance of the electric vehicle market.
The Ioniq 6 will cost around $42,000 and can travel up to 380 miles on a single charge.
It will be a direct competitor to Tesla's best-selling vehicle - the Model 3 sedan.
The Ioniq 6 is one of more than 30 electric vehicles that Hyundai, along with its sister company Kia and Genesis, plan to introduce over the next 8 years.
The South Korean automaker hopes to secure a 12% share of the global EV market by 2030.
Hyundai's new electric sedan will be available in South Korea this year, and the U.S. market launch is expected in the first quarter of next year.
It comes after Hyundai announced its plans to build dedicated EV plants both at home and the United States.