Hyundai is leading automaker brand that hit the market with it’s luxury and fancy cars. But this time with the launch of IONIQ 2 EV Hyundai is ready to tap the affordable EV market. This IONIQ is a cheaper electric vehicle that will sit below the popular IONIQ 5 SUV.
Hyundai is working hard to its plan to become a top three EV maker by 2030. The Hyundai Motor Group is also aiming to sell 3.6 million EVs by the decade end. Also last month exports hit a new record. On that note the company says its EVs are “playing a major role” in helping them secure leadership in the global electric vehicle market.
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Data of the automaker’s EV export’s shows the two times over the past two years, reaching over 218,000 in 2022. Although the brand aims to take it further, a next step with the key new models.
Hyundai is already developing its first three-row electric SUV. As the glimpse of the IONIQ 7 while testing got spotted last month, revealing the spec of the electric SUV that is expected to officially debut next year.
Andreas-Christoph Hofmann, Hyundai Europe’s VP of Marketing recently said that ” the brand is developing a cheaper IONIQ 2 electric car.“ This news broke out after Volkswgen’s unveiling of the ID2all concept. It is expected to go into production in 2025 costing around $27,000 and providing a range of up to 450 km.
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The New IONIQ 2 is expected to have at least 250 miles of range. The new EV will be a part of Hyundai’s next-gen IMA platform, which was revealed during its 2023 investor day. Hyundai also says the IMA “is a significant advancement” over its current (E-GMP) platform that will help reduce costs.
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To make electric vehicles affordable automakers continue adopting new tech and lower-cost battery chemistries. Also a research by BloombergNEF revealed recently that the cost of Lithium-ion battery pack price hit a record low of $139 per kWh last month, down14%.
Hyundai is already developing affordable EVs. The brand announced the new 2024 Kona Electric will be one of the most affordable EVs in the US, with starting prices under $33,000.