Hyundai confirms European launch of an affordable small Electric Vehicle. Subscribe to Electric Vehicle News Bitesize Podcast for FREE!
Hyundai aims to price the entry-level offering from €20,000, $20,500 or £20,000.
Hyundai has official plans to launch an affordable entry-level electric car in Europe, but it won’t happen right away. The brand recently launched its popular crossover, the Ioniq 5, and plans to launch several fully electric vehicles in the future.
Both Hyundai and Kia have dabbled in electrification in the past, and cheaper “entry-level” models have been around for a while. We’re talking about the likes of the Hyundai Kona Electric, the Kia Soul Electric Vehicle, and the Kia Niro Electric Vehicle. However, like the Kia EV6, the Ioniq 5 is the brand’s first purpose-built electric vehicle to ride on a global platform designed for electric vehicles.
While the Ioniq 5 crossover is a Tesla Model Y competitor, Hyundai will next launch the Ioniq 6 sedan, which will compete with the Tesla Model 3. In just a few years, the Korean brand wanted the Ioniq 7 three-row SUV. There are very few all-electric three-row SUVs out there right now. Similar to electric pickups, this is a market that deserves an early fix from Electric Vehicle makers.
In addition to Hyundai’s growing number of high-profile electric vehicles set to compete with Tesla, Ford and others, the brand sees the importance of value-based options, especially for Europe. Hyundai and Kia have been value leaders in the industry for years, though they’ve made it clear that this won’t necessarily be the focus when the high-end Ioniq and Genesis model lines hit the market now and in the future.
After all, according to Andreas-Christoph Hofmann, Hyundai’s head of European marketing, the brand has promised to launch an all-electric entry-level car in Europe soon. Hoffman realized, however, that the “battery-powered microcar” would still take some time to develop into a series-ready version.
Small cars are popular in Europe, a fact that automakers such as the Volkswagen Group want to take advantage of when planning future electric vehicle models. According to Automotive News Europe, the Volkswagen Group has set a starting price target of around 20,000 euros (about $20,500) for entry-level electric cars from Cupra, Skoda, Volkswagen and other brands.
According to Hoffman, Hyundai is aiming for a similar starting price once it is ready to launch an affordable mini Electric Vehicle. He said at the European Automotive News Conference in Prague.
Tesla also talked about a more affordable entry-level car in the future, although much like its Cybertruck, the project has been delayed. Meanwhile, GM CEO Mary Barra went on to reiterate that GM plans to beat Tesla on price with several affordable electric vehicles in the near future.
Hoffman added that in addition to the Ioniq 5, Hyundai will have 11 all-electric vehicles on the road by 2030. The Ioniq 6 sedan is scheduled to arrive in Europe by the end of 2022, but won’t be available in most markets until early 2023 or later.
Hoffman also explained that the Ioniq 7 is better suited for the US, as many US consumers tend to be fans of larger vehicles. However, some Electric Vehicle enthusiasts might argue that an affordable small Electric Vehicle might sell well in the US.
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