Hyundai ‘Ioniq 2’ may be the affordable EV option to beat back Chinese attack

  • Hyundai is prepping a small EV, potentially called Ioniq 2, for an eventual launch in European markets for price-concious buyers.
Ioniq 5
File photo of a Hyundai Ioniq 5 EV. Image has been used for representational purpose only. (REUTERS)
Ioniq 5
File photo of a Hyundai Ioniq 5 EV. Image has been used for representational purpose only.

The ever-increasing grip of Chinese electric vehicle (EV) manufacturers in the European market has prompted other brands to sit up and take note. One key factor for the rising popularity of Chinese EVs here is affordability and it is here that global brands that aren't Chinese are now looking to focus their efforts. Among many is Hyundai that is reportedly planning to position its Ioniq 2 EV as a viable and cost-effective option.

The likes of Hyundai Ioniq 5 and Ioniq 6 are already available across many markets in Europe and have fared reasonably well. But while both of these EVs offer an impressive range and are quite well packed in terms of features, these are also significantly more expensive than options from Chinese players in the fray. The counter? Drive in the Ioniq 2.

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Hyundai's officials in Europe had already confirmed that a more affordable EV for markets here is being planned and that the pricing could be at around 20,000 euros (approximately 18.40 lakh). Will it be called Ioniq 2? Very likely.

Also Read : How carmakers are looking at countering Chinese aggression in Europe.

The ‘affordable’ Hyundai EV for Europe will primarily be tasked to fight off the challenge mounted by Chinese players but will also have to take on the likes of Volkswagen ID.2 and its Skoda and Cupra versions. What is likely to allow Hyundai to branch out with more options is its second-generation EV platform called Integrated Modular Architecture or IMA. IMA will replace Electric-Global Module Platform (E-GMP) that underpins current models like Ioniq 5, Ioniq 6 and Kia EV6.

But Hyundai and Volkswagen aren't the only brands that are looking at driving out options for the price-concious EV buyer. In the battle are brands like Renault, Citroen, Fiat and even global EV giant Tesla. At present, the most affordable EV in Europe costs upwards of 30,000 euros. And some of the key Chinese players competing for attention are BYD, Nio and Xpeng.

First Published Date: 29 Dec 2023, 10:14 AM IST
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