Despite concerns of a “EV slowdown,” Hyundai is pushing forward. Hyundai will launch two new electric vehicles in Europe, including a low-cost EV and a new IONIQ model, in order to increase its market share.

Hyundai does not expect its EV expansion in Europe to halt over the next five years. Hyundai Europe CEO Michael Cole expects momentum to continue with the introduction of two new electric cars in major markets.

“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 European countries, including Germany, have stopped incentives for electric vehicles. As a result, EV sales decreased 31% last month compared to May 2023. Despite rivals’ retreat, Hyundai is doubling down as it seeks to secure its dominance in the EV age.

Two new EVs on the market have contributed to this trust. Hyundai is introducing the Inster EV, an economical electric car for under $27,000 (25,000 euros), as well as a new IONIQ model.

Hyundai teased the Inster EV for the first time last week, ahead of its official premiere at the Busan International Mobility event later this month.

Hyundai Introduces Inster EV and new IONIQ Models in Europe

The new low-cost Inster EV is a sub-compact electric vehicle based on the gas-powered CASPER in Korea. The CASPER costs roughly $15,000 in its home market, thus the EV’s starting price is projected to be less than 25,000 euros ($27,000.

The Hyundai Inster EV is predicted to have a WLTP range of up to 220 miles (255 kilometers).

Cole stated that another Hyundai EV, the new IONIQ model, will be unveiled later this year. Hyundai’s Europe head did not detail the new IONIQ EV’s specifications, but a larger IONIQ 9 has been observed testing in public.

The new IONIQ EV will go alongside the IONIQ 5 and IONIQ 6. It will most likely be based on the E-GMP platform, with a range of over 300 miles, fast charging in under 20 minutes, and a reasonable price tag.

Cole predicts Hyundai’s EV share to reach “north of 20 percent” next year when two additional EVs are added to the portfolio by 2025.

Hyundai’s Europe chief slammed Germany’s decision to stop EV incentives, claiming it sent the wrong message about the country’s support for the technology.

Cole stated that Hyundai is not immune to competition like Tesla, but will not make any “knee-jerk reactions.” Depending on market conditions, the organization will make necessary adjustments.

Meanwhile, in the United States, Hyundai is planning to begin manufacturing at its first EV and battery plant in Georgia later this year.

The facility’s first EV will be the revised 2025 IONIQ 5 (more information here). Once operational, EVs manufactured at the facility are likely to qualify for the $7,500 EV tax credit.

Hyundai Motor Group CEO Chang Jae-hoon said that EVs are “the top priority” in the United States, where the $7.6 billion Metaplant is intended to increase output.