South Korean car giant Hyundai is set to disrupt the market with a game-changing affordable model – the Ioniq 2.
This compact EV, positioned below the popular Ioniq 5 and Ioniq 6, aims to crack the code for accessible electric mobility in Europe, with a target price of just €20,000 (approximately $21,000 or ₹18.4 lakh). Hyundai’s electric ambitions have been reaping rewards. The company witnessed a staggering 100% increase in global EV exports over the past two years, exceeding 218,000 units in 2022. Andreas-Christoph Hofmann, VP of Marketing at Hyundai Europe, attributes this success to the surge in electric vehicle demand, stating, “EVs have given us a significant boost in conquering global markets.” The Ioniq 2 promises to be a key player in the electric surge upon its introduction.
Hofmann’s hint earlier this year, “Everybody in the industry knows the target of this kind of vehicle is 20,000 euros,” reveals the company’s intention to capture the entry-level electric car market space in Europe.
While details remain under wraps, the Ioniq 2 is expected to boast a respectable driving range, and be built on a new platform optimized for cost-effective production. Hyundai Ioniq 5 N This budget-friendly EV is part of a broader shift towards making electric cars more accessible.
Several automakers are striving to make EVs mainstream, similar to how Tesla did with the Model 3. The affordability factor remains a crucial hurdle, as ICE vehicles still hold an advantage in the price department over EVs. Despite Hyundai’s Ioniq EVs not being the priciest, they lack tax benefits in some markets, making them comparatively less competitive.
Hyundai’s global EV lineup currently consists of models like Kona Electric, Ioniq 5, Ioniq 6, etc. The brand also has fuel-cell-powered EVs on sale, like the Nexo.
The brand also has a few hybrid and plug-in hybrid models in its range. The addition of a new entry model will help the South Korean car major expand its reach to a larger audience, that too in multiple markets across the globe. The Ioniq 2’s arrival is expected to happen in the coming years. With its aggressive price tag and potential for a decent range, it could be the game-changer. By breaking the affordability barrier, Hyundai could revolutionize the landscape and pave the way for a future where everyone can experience the thrill of electric driving.
