South Korean automaker Hyundai is gearing up to launch two new electric vehicle models in the European market as it seeks to advance as one of the leaders in the burgeoning industry, Electric Drives reports.
These two new models include the low-cost Hyundai INSTER and a new IONIQ model, probably the recently spotted IONIQ 9.
Hyundai doubles down on Europe’s EV market
Despite talks of an electric vehicle “plateau,” Hyundai remains committed to solidifying its presence in the global market, particularly in Europe.
Hyundai does not expect its growth to wane in Europe in the following years, as noted by Hyundai Europe CEO Michael Cole.
“Our aim is that sales of EVs account for 14 percent of our total sales in Europe this year – or even a bit more.”
Hyundai Europe CEO Michael Cole
In order to achieve this goal, Hyundai will launch its new sub-$27,000 (€25,000) INSTER EV and a new IONIQ model.
Last week, Hyundai previewed the INSTER EV for the first time ahead of its official debut at the Busan International Mobility in late June 2024. While Hyundai has not yet disclosed the IONIQ model it plans to launch in the European market, spy shots of the IONIQ 9 recently emerged while testing on public roads.
Hyundai INSTER EV
Hyundai revealed that the INSTER EV is a low-cost sub-compact electric car based on its internal combustion engine-powered CASPER in South Korea.
For reference, the Hyundai CASPER starts at only about $15,000 in its home market. Therefore, the industry expects the EV counterpart to cost below €25,000 ($27,000).
Hyundai also teased that the INSTER EV will deliver a WLTP-rated driving range of up to 220 miles (255 km). It even teased that the New INSTER EV will “set new standards” in driving range, technology, and safety.
New Hyundai IONIQ EV
Apart from the INSTER EV, Hyundai Europe CEO Cole also announced the company’s plans to launch a new IONIQ model later this year.
The company executive omitted to share which IONIQ EV he was referring to. However, an industry follower (Kindel Auto) recently spotted the three-row electric SUV IONIQ 9 while testing on US roads.
The upcoming IONIQ EV will join the currently available IONIQ 5 and IONIQ 6. It will highly likely ride on the E-GMP platform, delivering a driving range of more than 300 miles. It can also support fast charging in just below 20 minutes for an affordable price.
The Hyundai Europe boss expects the two new upcoming models to aid the company achieve “north of 20 percent” in 2024.
In the US, the South Korean automaker will soon commence production at its first electric vehicle and battery factory in Georgia later this year. The inaugural model to enter production at the new facility is the updated 2025 IONIQ 5, enabling it to access the federal tax credits under the IRA.
