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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-IONIQ-2
2024 Hyundai IONIQ 6 Limited (Source: Hyundai)

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.

Volkswagen-ID-2all
Volkswagen ID 2all electric vehicle concept (Source: Volkswagen)

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- IONIQ-2
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

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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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

Read more: California now has nearly 50% more EV chargers than gas nozzles


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Two charged in $650 million global crypto scam that promised 300% returns

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Read more CNBC tech news

In reality, authorities allege, OmegaPro was a pyramid-style fraud.

When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.

The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.

The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.

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Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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