Hyundai is developing a more affordable electric vehicle, the Ioniq 2

Hyundai has been making significant progress towards electrification, with a successful export of over 218,000 electric vehicles in 2022. The company’s electric vehicle exports have doubled over the past two years, indicating a growing demand for its EV offerings. This trend has also had a substantial impact on Hyundai’s global market expansion, with electric vehicles proving to be a key driver of its growth.

Hyundai has hinted at the introduction of a new, smaller, and more affordable electric vehicle model, the Ioniq 2. With its price target of 20,000 euros, this model is expected to provide a more cost-effective option for consumers looking to make the switch to electric vehicles. Additionally, the Ioniq 2 is anticipated to offer a reasonable driving range and leverage a new platform that helps reduce manufacturing costs.

The push towards more affordable electric vehicles is an industry-wide goal, with several automakers striving to make electric mobility accessible to a wider consumer base. However, Tesla has led the way with its Model 3 price cuts, setting a high standard for affordability in the EV market. While other models such as the Chevrolet Bolt have provided affordable electric options, Hyundai aims to further lower the barrier to entry with its upcoming Ioniq 2.

Despite the progress in reducing costs, electric vehicle pricing remains a challenge, with current models often pricier than their gas-powered counterparts. Federal tax credits further contribute to making some EVs more accessible, and Hyundai’s new Kona EV, priced at $33,000, aims to address this gap. Overall, the efforts to create more affordable electric vehicles are essential in driving the widespread adoption of electric mobility and achieving long-term sustainability in the automotive industry.