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Hyundai has some big plans to take a commanding position in the constantly evolving world of electric vehicles (EVs) and is now reportedly planning a small electric hatchback that would sit below its Ioniq range of EVs which include the likes of Ioniq 5 and the under-development Ioniq 6 and Ioniq 7. With an eye on taking affordable options to the masses, this planned electric hatchback could be a successor to the i10 model that has fared reasonably well in markets where offered.
According to a report in Auto News Europe, Hyundai has a keen eye out on the price structuring of its EV options that are outside the purview of Ioniq lineup. The report mentions that Hyundai Motor Europe’s Marketing Chief Andreas-Christoph Hofmann has confirmed that such a model is being developed and that its price in the European markets could be around 20,000 euros or approximately ₹16 lakh. The eventual price would depend on a variety of factors and would vary from country to country.
Hofmann also highlighted that electric versions of small cars are challenging to manufacture and sell because of both technical reasons as well as pricing structures. It is largely believed that when it comes to EVs, margins are a lot smaller in small EVs than in fully-loaded sedans or SUVs.
Here in India, Hyundai plans to drive out the Ioniq 5 and is likely to price it attractively - in comparative terms - as it would be locally-assembled. But developing markets like India could also be targeted by brands with small EVs that would sit around ₹10 lakh to ₹12 lakh price bracket. At present, Tata Motors has a strong grip over the small EV market here but its most affordable EV for individual buyers - Tigor EV - is priced at ₹12 lakh before taxes. MG Motor and Hyundai are also present in the EV space with ZS EV and Kona, respectively. While MG plans to drive out a more affordable EV here in 2023, others like Mahindra & Mahindra are also learnt to be putting finishing touches to their respective models.