Tesla Rival Hyundai Debuts Sportscar Competitor to Model S Plaid

Most of the excitement swirling around the electric vehicle industry's leading producer Tesla  (TSLA) - Get Free Report has been the anticipation of the upcoming Cybertruck pickup, which is expected to be delivered at the end of the third quarter of 2023, most likely late September. Cybertruck is Tesla's first new model since it brought out the Model Y SUV in March 2019.

Tesla, however, released a high performance version of its Model S in June 2021 when it rolled out the Model S Plaid at a $129,900 price at the time. The Model S sedan was priced at $79,900 at the time, but that vehicle's price has risen to $88,490, while the Model S Plaid price has fallen to $108,490, according to the Austin, Texas, EV maker's website.

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The Model S Plaid's Tri-Motor All-Wheel Drive is the quickest accelerating EV in production today, Tesla claims, as it accelerates from 0-60 miles per hour in 1.99 seconds. The vehicle reaches top speed up to 200 mph and has a range of 396 miles on a charge. The dual motor Model S has a higher range of 405 miles, but only reaches a top speed of 149 mph. It accelerates 0-60 in 3.1 seconds.

Hyundai Ramps Up Production to Compete

South Korean EV manufacturer Hyundai  (HYMTF) - Get Free Report has been ramping up production and rolling out new vehicles in its effort to try to catch up to the top EV producers Tesla, BYD, Volkswagen, General Motors and Stellantis. It began producing its latest model Ioniq 6 in January 2023 before delivering it in the spring. The base model retails for $45,500.

Hyundai's affiliate Genesis rolled its first EV ever off a U.S. assembly line on Feb. 21 as it began making its GV70 all-electric SUV at its plant in Montgomery, Ala. Its other affiliate Kia delivered its EV9 SUV on March 15, after Hyundai on March 6 unveiled its new second generation, all-electric Kona subcompact crossover SUV, featuring standard and long-range powertrains. The EV maker in February 2021 revealed the Ioniq 5 electric SUV and began delivering the vehicle later that year in December. 

Hyundai's high performance N sub-brand was introduced in 2012 with internal combustion engines, but the auto industry is evolving. The EV maker has ambitious plans to compete with Tesla's Model S Plaid and Porsche's Taycan high performance EV vehicles as it on July 13 premiered its Ioniq 5 N high performance sportscar at the Goodwood Festival of Speed in West Sussex, England.

Ioniq 5 N Has Three Pillars of Performance

The company asserts the Ioniq 5 N emphasizes its three pillars of N performance: Corner Rascal, Racetrack Capability and Everyday Sportscar.

Explaining its three pillars, Hyundai said in a statement that the Ioniq 5 N's Corner Rascal pillar has body and chassis reinforcements that provide higher torsional rigidity and direct steering feel, enabling rally-inspired dual-motor AWD cornering. Its Racetrack Capability provides up to 478 kW/650 PS with N Grin Boost engaged, increased endurance with industry leading thermal management and regenerative braking. Finally, its Everyday Sportscar's N e-shift and N Active Sound + deliver feeling and sounds of driving high performance ICE cars.

The Ioniq 5 N will accelerate 0-62 mph (0-100 kmph) in 3.4 seconds with a top speed of 161 mph. Vehicle range will be revealed at regional market launch. The Ioniq 5 N is larger than the standard Ioniq 5 at 1.9 inches (50 mm) wider at the bottom and 3.1 inches (80 mm) longer. Hyundai did not list a starting price or delivery date, but the 2024 model could arrive by the end of the year and the price should be higher than the highest priced Ioniq 5, possibly around $60,000.