Hyundai’s budget hatchback EV for Europe could find many takers

South Korean automaker Hyundai is believed to be developing a budget electric vehicle (EV) for the European market, and given Europe’s preference for hatchbacks and small cars, this car could find many takers.

In the recent past, a top executive of Hyundai Europe indicated this plan of the auto giant in a media interview.

Hyundai small hatchback EV for Europe 
may look like this -- Source: Cartoq.

It is likely that this EV could be a hatchback and be a replacement to the i10. In Europe, it is likely to be positioned against the Volkswagen ID.3 electric hatchback.

This i10 replacement would also slug it out with small electric cars from the Volkswagen stable such as the Cupra and Skoda, which are supported by the MEB platform.

According to market grapevine, Hyundai could bring in this model at a starting price of euro 20,000 (around Rs 16 lakh or Rs 16,00,000), and as per European standards, it would be tagged a mass market EV (at this price).

The current i10 came to Europe in 2020 and sells in Germany for around euro 11,415 onwards.

Analysts say that once 10 per cent of an automaker’s sales go electric in Europe, the production of EVs usually revs up.

It is estimated that EVs may account for 30 per cent of Hyundai’s sales by 2024.

Even though the European market is in its nascent stages so far as EV adoption goes, it is adopting these battery vehicles at a rapid pace.

Last year, Hyundai had said it was looking at a small and affordable electric car for India. There is no news yet if it would replace the i10, as thought by many.

The auto major has planned a litany of EV launches in various segments and will pump in around won 20 trillion for the purpose. The Korean company had recently unveiled the Ioniq 6.

In India, its Ioniq 5 will go on sale around next year. Hyundai plans to roll out at least six EVs in the country by 2028.

The South Korean auto major is targeting 1.87 million battery-powered vehicles for sale via Hyundai Motor Group dealerships and 17 new Hyundai and Genesis models.

There is also buzz that Hyundai is working on the Ioniq 7, a mega electric SUV that may be sold from 2024. But before that, it could be showcased in late 2022 or early 2023.

The E-GMP scalable platform, being utilised by Hyundai and its sister concern Kia, could be utilised to roll out the Hyundai Ioniq 7.

This platform — which is being used by the Ioniq 5 — could be extended if it were to be utilised for the Ioniq 7.

As per sources, the Ioniq 7 may come with 350kW of rapid charging. This is because of the 800V electrical design of the E-GMP platform. It enables adding up to 100 km of range in just five minutes.

Hyundai may be developing a budget EV for the European market, given Europe’s preference for hatchbacks, and this car could slowly trickle its way into India also, considering the price-sensitive market that it is.