Elon Musk's Tesla Has New Possible Rival You're Familiar With

Electric cars is now a huge trend with all the environmental programs advocated around the globe. One of the biggest producers of these type of cars is Elon Musk's car-manufacturing company, Tesla. Now, a new possible rival may steal the Asian market from the billionaire. It's the name you may be familiar with, the South Korean company, Hyundai.

Hyundai may produce 30,000 electric cars in a year

A new report from Bloomberg suggests that South Korean car manufacturing company Hyundai, plans to make its own electric car brand in the market.

Hyundai Motor Group has started to build its newest innovation center in Singapore, expected to be finished in 2022. The seven-story building will be composed of 620 meter (0.4 mile) driving track near its roof that will be the test-drive spot for buying customers.

Singapore's Prime Minister Lee Hsien Loong said in an interview that the innovation center will build "an important milestone in the economic relationship between Singapore and South Korea."

Not only does he mention the importance of Hyundai company to the city, Lee may had also bring up the possibility that the car manufacturer will include EV as part of their production.

In fact, the PM may have said that Hyundai plans to make at least 30,000 electric cars in a year, starting in 2025.

"Automotive activities are becoming viable in Singapore once again," Lee said in a speech Tuesday. He added "electric vehicles have a different supply chain, fewer mechanical parts and more electronics, which plays to Singapore's strengths."

The facility, even have a small scale EV production facility to test processes using AI and autonomous driving. This suggests that the PM's statement was true on the part of Hyundai producing EV.

Will Hyundai beat Tesla?

Elon Musk's Tesla is currently the most popular producer of electric cars in the world.

CNBC reported more than 200,000 electric vehicles were sold by the company in 2018. With the plans to expand production soon.

Once Hyundai opens for the EV market, this will be another potential rival against Tesla, which may impact the Asian market.

After all, Tesla said earlier that they are planning to export China-made EV models to Singapore and other parts of Asia.

This article is owned by Tech Times

Written by Jamie Pancho