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Hyundai shifts gears to subscription services with new Ioniq 6 EV

Move marks turning point for automaker's business model as it chases Tesla

A Hyundai Ioniq electric vehicle at a charging station in Seoul.   © Reuters

SEOUL -- Hyundai Motor has unveiled a hyper-efficient electric vehicle with the ability to download the latest technologies straight from the internet, a step toward establishing a new business model that allows the automaker to continue making money from its cars after the initial sale.

The premiere of Hyundai's Ioniq 6 was the highlight of this year's Busan International Motor Show, the first in four years. The highly anticipated model is a follow-up to the Ioniq 5, which won the World Car of the Year award and has enjoyed strong sales in the U.S. and Europe.

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