A new low-cost Hyundai EV will be revealed later this month. Hyundai is teasing the first images of its new INSTER EV ahead of its official debut at the Busan International Mobility Show. The all-electric city car is expected to be the latest affordable EV to hit the market, but will it make it to the US?
Hyundai is off to a hot start in 2024. Last month, Hyundai sold over 17,000 EVs globally, maintaining its momentum.
In the US, Hyundai is chipping away at Tesla’s (wide) lead in the EV market. Hyundai Motor, including Kia, accounted for 11.2% of the US EV market through May. According to data from the Korean Automobile & Mobility Association, Hyundai Motor has sold 48,383 EVs in the US through the first five months of 2024.
Tesla still holds a 40.5% lead over Hyundai in the US, but that gap has narrowed from nearly 53% last year.
Hyundai is building momentum in the US and globally with dedicated EVs based on its E-GMP platform.
Hyundai’s EVs, like the IONIQ 5 and IONIQ 6, offer over 300 miles range, fast charging capabilities in under 20 mins, and a sleek new design. Perhaps, most importantly, they are some of the most affordable and fuel-efficient available.
After releasing the first look at its new INSTER EV Tuesday, Hyundai is adding another all-electric vehicle to its lineup.
Hyundai teases the first look at its new INSTER EV
Hyundai dropped the first images of its new “A-segment sub-compact EV” Tuesday, the INSTER EV.
The Hyundai INSTER EV is an evolution of the gas-powered CASPER model sold in Korea. Hyundai claims the new electric car will “set new standards” in driving range, tech, and safety.
From the first look, you can see the INSTER EV takes influence from the CASPER but with a modern upgrade.
With Hyundai’s signature daytime running lights, plus added pixel graphic turn signals and tail lights, the INSTER is unmistakenly an EV (and a Hyundai).
Hyundai expects the new electric city car to feature up to 220 miles (355 km) WLTP range. Although prices are yet to be confirmed, with the gas-powered CASPER selling for under $15,000 in Korea, the new EV is expected to hit the market with an affordable price tag.
Although demand for affordable EVs is climbing in the US, it’s unclear if Hyundai will bring the INSTER to the states yet.
With production at its first EV and battery plant in the US expected to start later this year, Hyundai could make the move. With Kia’s EV3 set to hit the market, Hyundai may consider launching the low-cost electric car to rival it in the US. Kia’s EV3 is expected to start at around $30,000 to $35,000.
Volkswagen also just finished design work on its affordable ID. 2 all-electric car, which is expected to debut later this year starting around $27,000 (€25,000).
Check back for more info as Hyundai’s new electric car will make its official global debut at the Busan International Mobility Show, starting June 27, 2024.
FTC: We use income earning auto affiliate links.More.
For the second time, a judge strikes down Elon Musk’s $55 billion Tesla CEO pay package as the company struggles to avoid seeing its sales slip year over year for the first time. Plus: an all-new look for Jaguar this Giving Tuesday on Quick Charge!
We’ve also got record EV sales from both Kia and Hyundai, with the latter seeing IONIQ 5 sales double over last year, more Tesla discounts in China AND North America, and more.
Today’s episode is sponsored by Buzz Bicycles, an omnichannel eBike brand that prioritizes excellent value for its growing base of eBike enthusiasts. For a limited time, use promo code “ELECTREK200” at checkout for $200 off the purchase of a Buzz Centris Folding eBike, and be sure to explore all of the company’s Black Friday Deals at Buzzbicycles.com.
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!
“Tesla could not meet program standards” on Oklahoma’s NEVI EV charger installation program, so EVgo took over.
As Electrek originally reported in April, Oklahoma approved more than $8 million in federal funds for Tesla, Love’s Travel Stops, and Francis Energy to build DC fast chargers along its interstates.
The three companies were to provide a combined $7 million in private funding match to build 13 DC fast charging stations. The first round of awards would complete the buildout of I-35, I-40, and I-44 as Alternative Fuel Corridors.
Tesla was supposed to install three Superchargers at the I-44 exit 240 in Catoosa, the I-40 exit 240B in Henryetta, and the I-44 exit 125B in Oklahoma City. In order to qualify for National Electric Vehicle Infrastructure (NEVI) Formula Program funding, they had to be equipped with Magic Docks – that is, CCS compatibility.
However, OK Energy Today reports that Oklahoma Transportation Commissioners unanimously approved replacing Tesla with second-place EVgo yesterday.
Jared Schennesen, multi-modal division manager to the nine commissioners, said:
Tesla could not meet program standards for the gap awarded along I-44 in Oklahoma City.
Due to not meeting the program requirements, ODOT required that the award be revoked from Tesla as direct[ed] by state procurement rules and awarded to second-place finisher EVgo for this gap.
Schennesen didn’t specify exactly how Tesla couldn’t meet the program standards, but the article goes on to note that EVgo reduced its costs considerably compared to what Tesla’s project costs were:
EVgo won the award for a total of $519,740, and Schennesen said it reduced the total project cost by $317,932. The federal share of the project will increase by $201,781 bringing the final total to $801,780.
EVgo has more than 1,000 DC fast charging locations in 40 states and serves over 65 metropolitan areas.
Oklahoma’s NEVI EV charger installation program, EVOK, is responsible for spending $66 million from 2022-27 in NEVI Formula Program funds to create a state EV charging network. The federal NEVI program allocates $5 billion over five years to help US states create a network of EV charging stations. The funding comes from the Bipartisan Infrastructure Law.
The NEVI program requires EV charging stations to be available every 50 miles and within one travel mile of the Alternative Fuel Corridor. EV charging stations must include at least four ports with connectors capable of simultaneously charging four EVs at 150 kilowatts (kW) each, with a total station power capacity of 600 kW or more.
The charging stations must have 24-hour public accessibility and provide amenities like restrooms, food and beverage, and shelter.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
The US Department of Energy (DOE) says it will loan up to $7.54 billion to a Stellantis and Samsung SDI joint venture to help build two EV lithium-ion battery plants in Indiana.
Stellantis + Samsung EV battery plants loan
The joint venture is called StarPlus Energy LLC, and its huge project will create huge job growth: at least 2,800 jobs at the plants, plus hundreds more for parts suppliers at a nearby park.
At full capacity, the plants will produce about 67 GWh of batteries for Stellantis EVs in Kokomo, enough to supply about 670,000 vehicles annually, the DOE’s Loan Programs Office said. Stellantis said yesterday that the first plant will open in early 2025 and the second in 2027.
To secure the loan, StarPlus needs to implement its Community Benefits Plan, which includes working with community and labor leaders to create well-paying jobs. It’s unclear whether the loan will be able to be finalized before Donald Trump takes office on January 20, but according to the Associated Press, the DOE said “it would be irresponsible for ‘any government to turn its back on private sector partners, states, and communities that are benefiting from lower energy costs and new economic opportunities’ from the loans.”
Electrek’s Take
Since Trump is threatening tariffs all over the place to stimulate domestic manufacturing, it would be pretty dumb if he attempted to kill this loan. The DOE anticipates this and makes a point of saying in its announcement that “the project will greatly expand EV battery manufacturing capacity in North America and reduce America’s reliance on adversarial foreign nations like China, as well as other foreign sourcing of EV batteries.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.