Hyundai launching cheaper IONIQ 2 to sit below the IONIQ 5 – Here’s what we know so far
Affordable EVs are on the way. Hyundai plans to launch a cheaper electric vehicle, the IONIQ 2, that will sit below the popular IONIQ 5 SUV.
Hyundai is doubling down on its plans to become a top three EV maker by 2030. The Hyundai Motor Group (including Kia) plans to sell 3.6 million EVs by the end of the decade.
The automaker is off to a strong start with its first batch of dedicated EVs, including the IONIQ 5 and IONIQ 6.
Hyundai hit a new export record last month, driven by surging demand for EVs. The company says its EVs are “playing a major role” in helping them secure leadership in the global electric vehicle market.
The automaker’s EV exports have doubled over the past two years, reaching over 218,000 in 2022. However, Hyundai aims to take it a step further with key new models.
Hyundai to launch cheaper IONIQ 2 electric car
We already know Hyundai is developing its first three-row electric SUV. The Hyundai IONIQ 7 was spotted testing last month, revealing the big body electric SUV. It’s expected to officially debut next year.
According to Hyundai Europe’s VP of marketing, Andreas-Christoph Hofmann, the brand is developing a cheaper IONIQ 2 electric car.
Hofmann broke the news this summer following rival Volkswagen unveiling its ID 2all concept. The VW ID 2all will start at around €25,000 ($27,000) with up to 450 km (279 mi) range. It’s expected to go into production in 2025.
Hyundai is aiming for a similar price for the upcoming IONIQ 2. Hofmann told Automotive News, “Everybody in the industry knows the target of this kind of vehicle is 20,000 euros.”
The new EV is expected to have at least 250 miles range. It will be a part of Hyundai’s next-gen IMA platform revealed during its 2023 investor day. Hyundai says the IMA “is a significant advancement” over its current (E-GMP) platform that will help reduce costs.
Hyundai’s IMA will power 13 new Hyundai, Kia, and Genesis EVs through 2030. The platform can be used for “nearly all vehicle classes, ranging from small and large SUVs to pickup trucks.” It will also be used for a new flagship Genesis model.
Electrek’s Take
Hyundai is one of many automakers aiming to launch cheaper EVs over the next few years. Tesla, Volkswagen, GM, Nissan, Stellantis, and more are all planning to release lower-priced EVs. Even startups, including Rivian and Lucid, are moving to lower-priced models.
Raw material costs are already down significantly over the past year or so and are projected to continue falling as more production comes online.
Lithium-ion battery pack prices hit a record low of $139/kWh last month, down 14%, according to BloombergNEF research.
Automakers continue adopting new tech and lower-cost battery chemistries like LFP. Other key battery minerals like lithium, nickel, and cobalt are expected to continue easing in 2024. This should help continue driving EV prices lower over the next several years.
Lower battery prices combined with improved manufacturing practices and designs to boost efficiency are expected to ease costs. BloombergNEF projects battery prices will fall to $113/kWh in 2025 and $80/kWh in 2030.
Meanwhile, Hyundai is already developing affordable EVs. It announced the new 2024 Kona Electric will be one of the most affordable EVs in the US, with starting prices under $33,000.
Source: TheKoreanCarBlog
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Lucid Motors (LCID) is recruiting more high-profile stars to spotlight its new luxury electric SUV, the Gravity.
The luxury EV maker is teaming up with some of the NBA’s biggest stars, Jalen Brunsen and Josh Hart, in its latest collaboration.
Lucid enlisted Jalen and Josh, teammates on the New York Knicks, for a new market campaign designed to celebrate “those who refuse to settle for the status quo.”
Keep a lookout this Wednesday, October 22, during the New York Knicks home opener against the Cleveland Cavaliers to see Jalen and Josh hype the Lucid Gravity electric SUV.
Lucid, Hart, and Brunson plan to showcase “how precise performance, cultural influence, and athletic excellence come together — on the court, on the road, and in the moments that move individuals.” The partnership is the latest as Lucid builds a roster of high-profile celebrities and athletes to promote the brand.
“To be one of the best, you have to be willing to do whatever it takes,” Brunson said, adding “It’s a commitment to improving every day, and never accepting that you can’t reach that next level. I see that same passion for excellence in Lucid.”
Lucid said the collaboration “underscores the brand’s mission to compromise nothing” as it builds a roster of high-profile celebs and athletes to promote the new Gravity electric SUV.
In August, Lucid teamed up with Timothée Chalamet, its first global brand ambassador, for an ad campaign called “Driven.”
Lucid also attended NFL star Travis Kelce’s, Kelce Car Jam last month. For every test drive, Lucid donated $87 to Kelce’s Eighty-Seven and Running Foundation. Kelce founded Eighty-Seven & Running in 2015 to mentor disadvantaged youth, help develop their skills, and motivate them to get out and do their best.
As it ramps up output, the EV maker has been actively promoting the Gravity. Last week, Lucid trolled Tesla on social media in a video asking Elon Musk’s Grok, “What’s the best luxury EV?”
Grok’s answer: The 2025 Lucid Air. Do you agree? ChatGPT and CoPilot said the same.
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Elon Musk has openly threatened to leave Tesla, or at least his role as CEO, if he doesn’t get his ridiculous compensation.
He is now saying the quiet part out loud.
Tesla shareholders are about to vote on a new, controversial compensation package for Elon Musk.
While many are focused on the ridiculous size of the stock options, which could be worth up to $1 trillion, many analysts have highlighted other problems with the package.
A Reuters report last week noted that, with business as usual and a market capitalization growth below the S&P average, Musk could still receive one or even two tranches of his compensation package, worth between $20 billion and $40 billion.
In short, under the rules of the package, Musk could receive the biggest payday in history for returning below average returns.
That’s on top of the CEO already having received more compensation from Tesla than the company has earned in profits since its existence.
One commentator on X pointed out the concern about the first tranche of the compensation plan. Instead of addressing the genuine concern, Musk responded by boasting about Tesla’s market capitalization and suggesting that he won’t be Tesla’s CEO if he doesn’t get the pay:
Tesla is worth more than all other automotive companies combined. Which of those CEOs would you like to run Tesla? It won’t be me.
The CEO then shared posts encouraging Tesla shareholders to vote for the shareholders meeting, which is happening on November 6th.
Electrek’s Take
There are many issues with this comment. First off, it completely ignores a real problem with the comp package. Even if you believe that Musk would deserve $1 trillion in compensation for bringing Tesla’s valuation to $20 trillion, the package shouldn’t allow for Musk to make tens of billions from below average return.
It looks like the package is being used as a trojan horse to dazzle shareholders with the promise of unlikely crazy returns when the more likely outcome is to give Musk what would still be a record compensation for Tesla delivering a below average return on investment.
The fact that Musk doesn’t want to address this clear issue is a red flag.
Furthermore, Musk is using a dirty card: you play by my rules or I’m gone.
This is what I previously called the ‘Tesla Dilemma’: Elon Musk is destroying Tesla’s profitable car business, but at the current valuation, his lies about self-driving and robots is what is keeping the stock alive.
Therefore, Tesla shareholders are disincentivized to vote against Musk if he threatens to leave because he would leave with his stock pumping lies – leading in the stock crashing.
He has a complete hold on Tesla and he is going to force shareholders to give him another ridiculous stock compensation package.
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