The small EV form Hyundai will compete with models like the entry level EVs that VW, koda, and Cupra plan to unveil.
“Everybody in the industry knows the target of this kind of vehicle is €20,000” Hofmann said
One of the challenges of making an entry-level EV is the high price and weight of the battery. Hyundai itself targets to release 11 more electric vehicles by 2030.
Currently, the South Korean manufacturer is selling the Ioniq 5 electric hatchback and has just launched the Ioniq 6 electric sedan. In the near future, Hyundai will also launch the Ioniq 7, a large three-row electric SUV.
Hyundai itself has had success with the Ioniq 5 and Kia EV6 which use the same platform. In the first half, its sales increased 8.2 percent in Europe. Overall, electric vehicles accounted for 16 percent of the brand’s total sales this year.
Analysis by Bloomberg says that EV acceleration will feel fast when 10 percent of car sales go electric. Electric vehicles are predicted to account for 30 percent of sales by 2024.
The same analysis shows that the European market is also in the adoption phase for electric vehicles and the market is growing rapidly.