[THE INVESTOR] Hyundai Motor is planning to launch electric vehicles under its luxury marque Genesis in 2020.

According to Hyundai Motor on June 29, the company plans to add electric cars to the Genesis lineup as part of its eco-friendly vehicle strategy.

On June 29, a local daily reported that Hyundai Motor is eyeing the high-end electric vehicle market. 

An unnamed high-level official of Hyundai Motor was quoted by a local daily as saying that the company is planning to launch high-performance, long-range electric vehicles as early as 2020.

The official was also quoted as saying that Hyundai Motor will be focusing on short-range electric vehicles designed for urban use until next year, and that high-end electric vehicles will be developed down the line under the Genesis marque.

The company is reported to be focusing on extending the drive range before taking on Tesla and other competitors. As part of the plans, Hyundai Motor plans to unveil an electric vehicle model with 320 kilometer to 400 kilometer drive range in 2018.

By Choi He-suk (cheesuk@heraldcorp.com)