Rajapaksa was on his way to Singapore from the Maldives on Thursday

The Ioniq 6 will be priced in the range of 55 million won ($41,949.51) to 65 million won for the South Korean market

Hyundai Motor Co (005380.KS) on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle (EV) market dominated by Tesla Inc , Qazet.az reports.

The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group - including Hyundai Motor, its sister company Kia Corp (000270.KS) and premium brand Genesis - plans to introduce through 2030 to secure a projected 12% of the global EV market.

Hyundai's sedan will expand its EV range beyond its current crossovers and SUVs to compete head-to-head against Tesla's best-selling Model 3 sedan.

Hyundai and Kia were already the second-biggest EV shippers globally excluding China in January to May this year, with a combined 13.5% market share that was second only to Tesla at 22%, according to industry tracker SNE Research.

The Ioniq 6 will be priced in the range of 55 million won ($41,949.51) to 65 million won for the South Korean market.