Hyundai confirms affordable entry-level EV for Europe, targets $20k price slab
Hyundai has confirmed that it is working on a new electric vehicle, which will target the entry-level segment in the European market and come with an affordable price tag of around $20,000. Hyundai hopes that this will be the model that will help the automaker strengthen its footprint in the EV space in Europe, where the carmaker has planned to continue ICE vehicle sales till 2035.
Hyundai Motor Europe's marketing chief, Andreas-Christoph Hofmann, said to Automotive News that a more attainable EV is in the works to meet the increasingly stricter emissions regulations in the European Union.
Similar CarsFind More Cars
The new Hyundai electric car will be positioned below Ioniq 6, which targets Tesla Model 3. Hyundai is also working on a large three-row Ioniq 7 SUV that is slated to launch in 2024. The automaker appears to be focusing on penetrating all the segments of electric vehicles.
The sub-$20k electric car will target rivals from other brands like Volkswagen Skoda and Cupra, which all are focusing on the same category to launch their entry-level EVs. The move comes at a time when European Union is focusing on tightening emission regulations in its territory.
Hofmann said that developing a small electric car is a tricky business due to packaging constraints. He also said that it is hard to make a profit with smaller EVs. This is why the car brand has prioritized the launch of three larger Ioniq models. Expect the small entry-level model too to come wearing the Ioniq badge.
The South Korean auto company has promised that it will bring more models on the EV front, as the brand aims to launch no fewer than 11 zero-emission cars by 2030.