Hyundai Reveals Plans for Affordable $22,000 Ioniq 2 EV to Compete in Growing Market

South Korean automaker Hyundai is making significant strides in the electric vehicle (EV) market with its Ioniq series, earning acclaim for models like the Ioniq 5 and Ioniq 6. Looking to expand its electric lineup, Hyundai is now focusing on an entry-level EV, targeting a competitive starting price of approximately €20,000 ($22,000).

Andreas-Christoph Hofmann, Hyundai Motor Europe’s head of marketing, shared insights into the company’s plans during the Autonews Europe Congress in Prague in mid-2022. The new affordable EV is poised to rival contenders such as the VW ID.2, as well as upcoming models from Skoda and Cupra. The industry-standard €20,000 price point is the goal, according to Hofmann.

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Hyundai’s upcoming entry-level model, tentatively named the Ioniq 2, will be built upon the second-generation Integrated Modular Architecture (IMA) platform. Replacing the current Electric-Global Module Platform (E-GMP), the IMA platform is touted as a “significant advancement” offering increased cost-effectiveness due to enhanced economies of scale. Moreover, the IMA platform is designed to be highly flexible, accommodating various vehicle classes, including small and large SUVs and pickup trucks.

The company is concurrently developing advanced Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) batteries for its future EVs. The choice between these battery chemistries for the Ioniq 2 remains undisclosed at this stage.

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Given its intended competition with the VW ID.2, the Ioniq 2 is expected to be notably smaller than its predecessors, the Ioniq 5 and Ioniq 6. The design direction for the new model remains uncertain, considering the distinct aesthetics of the Ioniq 5 and Ioniq 6. Enthusiasts are hopeful that the Ioniq 2 might incorporate some retro cues reminiscent of the Ioniq 5.

As Hyundai ventures further into the EV market, the development of an affordable entry-level model aligns with the industry’s trend towards expanding accessibility and affordability of electric vehicles. The Ioniq 2 is poised to play a pivotal role in Hyundai’s commitment to delivering innovative and cost-effective electric mobility solutions to a broader consumer base.