Despite talk of an “EV slowdown,” Hyundai is charging ahead. Hyundai is launching two new electric vehicles in Europe, including a low-cost EV and a new IONIQ model, to boost its market share in the region.
Hyundai does not see its EV growth slowing in Europe over the next few years. With two new electric cars launching in key segments, Hyundai Europe CEO Michael Cole expects to maintain momentum.
“Our aim is that sales of EVs account for 14 percent of our total sales in Europe this year – or even a bit more,” Cole told the Automotive News Europe Congress.
Some parts of Europe, like Germany, ended subsidies on electric cars. As a result, EV sales fell 31% last month compared to May 2023. Despite rivals pulling back, Hyundai is doubling down as it looks to solidify its leadership in the EV era.
Part of the confidence comes from two new EVs hitting the market. Hyundai is launching the Inster EV, an affordable electric car under $27,000 (25,000 euro), and a new IONIQ model.
Hyundai teased the Inster EV for the first time last week ahead of its official debut at the Busan International Mobility later this month.
Hyundai adds Inster EV and new IONIQ model in Europe
The new low-cost Inster EV is a sub-compact electric car based on its gas-powered CASPER in Korea. The CASPER costs around $15,000 in its home market, so a sub-25,000 euro ($27,000) starting price for the EV is expected.
Hyundai says the Inster EV will debut with an expected up to 220 miles (255 km) WLTP range.
Cole said another Hyundai EV, a new IONIQ model, will be unveiled later this year. Hyundai’s Europe leader didn’t specify what the new IONIQ EV would be, but a larger IONIQ 9 has been spotted testing out in public (you can see the video here).
The new IONIQ EV will join the IONIQ 5 and IONIQ 6. It will likely be based on the E-GMP platform offering over 300 miles range, fast charging in under 20 minutes, and an affordable price tag.
With the two new EVs joining the lineup by 2025, Cole expects Hyundai’s EV share to hit “north of 20 percent” next year.
Hyundai’s Europe chief criticized Germany’s move to end EV incentives, saying it sent the wrong message about its support for the tech.
Cole said Hyundai is not immune to competition like Tesla but will not make any “knee-jerk reactions.” The company will make adjustments if needed based on market conditions.
Meanwhile, in the US, Hyundai is preparing to launch production at its first EV and battery plant in Georgia later this year.
The first EV built at the facility will be the updated 2025 IONIQ 5 (learn more here). Once up and running, EVs built at the facility are expected to qualify for the $7,500 EV tax credit.
Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as its $7.6 billion Metaplant is expected to boost output.
Source: Automotive News Europe