Work on two Hyundai electric cars under €20,000 will start next year
Two Hyundai small electric cars are being developed for the European market, with a sub-€20,000 (£17,041) price tag on offer.
The as-yet-unnamed cars, which are expected to succeed the Hyundai i10, released in 2020, will join 10 other electric vehicles that Hyundai plans to bring to market on the continent by 2030.
One is expected to be a city car and another a bulkier variant in the vein of the upcoming Volkswagen ID 1. Production is expected to start in mid-2023 and late 2024 respectively.
They will be powered by BorgWarner engines, the company confirmed, with peak power reaching 135 kW (181 hp), although power and torque can be tailored by the manufacturer, it added.
The cars will compete with similar projects undertaken by the Volkswagen Group, which will market them at around the same price under its VW, Skoda and Cupra brands.
However, production-ready versions of the Korean brand’s cars are still behind schedule, said Hyundai Motor Europe marketing director Andreas-Christoph Hofmann. Automotive News Europe.
The move towards affordable small cars, particularly those with electric drive, comes as automakers look for ways to launch new models while meeting tougher new emissions regulations.
Hofmann said city cars “are difficult to sell profitably,” due to their low price and the technology needed to electrify smaller vehicles.
Despite concerns over earnings, the brand is currently toasting its second-quarter earnings success as the brand increased its European sales by 8.2%. Electric vehicles accounted for 16%.
He hopes the electric Hyundai Ioniq 6 will take that further when it comes out later this year. The price is expected to be £45,000, it has a range of 379 miles and an output of 329bhp.