Hyundai is launching two new electric cars in Europe, a low-cost EV and new IONIQ model
Despite talk of an “EV slowdown,” Hyundai is charging ahead. Hyundai is launching two new electric vehicles in Europe, including a low-cost EV and a new IONIQ model, to boost its market share in the region.
Hyundai does not see its EV growth slowing in Europe over the next few years. With two new electric cars launching in key segments, Hyundai Europe CEO Michael Cole expects to maintain momentum.
“Our aim is that sales of EVs account for 14 percent of our total sales in Europe this year – or even a bit more,” Cole told the Automotive News Europe Congress.
Some parts of Europe, like Germany, ended subsidies on electric cars. As a result, EV sales fell 31% last month compared to May 2023. Despite rivals pulling back, Hyundai is doubling down as it looks to solidify its leadership in the EV era.
Part of the confidence comes from two new EVs hitting the market. Hyundai is launching the Inster EV, an affordable electric car under $27,000 (25,000 euro), and a new IONIQ model.
Hyundai teased the Inster EV for the first time last week ahead of its official debut at the Busan International Mobility later this month.
Hyundai adds Inster EV and new IONIQ model in Europe
The new low-cost Inster EV is a sub-compact electric car based on its gas-powered CASPER in Korea. The CASPER costs around $15,000 in its home market, so a sub-25,000 euro ($27,000) starting price for the EV is expected.
Hyundai says the Inster EV will debut with an expected up to 220 miles (255 km) WLTP range.
Cole said another Hyundai EV, a new IONIQ model, will be unveiled later this year. Hyundai’s Europe leader didn’t specify what the new IONIQ EV would be, but a larger IONIQ 9 has been spotted testing out in public (you can see the video here).
The new IONIQ EV will join the IONIQ 5 and IONIQ 6. It will likely be based on the E-GMP platform offering over 300 miles range, fast charging in under 20 minutes, and an affordable price tag.
With the two new EVs joining the lineup by 2025, Cole expects Hyundai’s EV share to hit “north of 20 percent” next year.
Hyundai’s Europe chief criticized Germany’s move to end EV incentives, saying it sent the wrong message about its support for the tech.
Cole said Hyundai is not immune to competition like Tesla but will not make any “knee-jerk reactions.” The company will make adjustments if needed based on market conditions.
Meanwhile, in the US, Hyundai is preparing to launch production at its first EV and battery plant in Georgia later this year.
The first EV built at the facility will be the updated 2025 IONIQ 5 (learn more here). Once up and running, EVs built at the facility are expected to qualify for the $7,500 EV tax credit.
Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as its $7.6 billion Metaplant is expected to boost output.
Source: Automotive News Europe
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Tesla has opened orders for the Model Y Long Range RWD for $45,000 in the US. It’s the new entry-level Model Y following the design refresh earlier this year.
Since launching the updated Model Y earlier this year, Tesla has only offered the best-selling electric SUV in a single Long-Range AWD configuration.
First, it was as a fully-loaded $60,000 Launch Edition, and last month, it started deliveries of the regular Model Y AWD starting at $49,000.
As we recently noted, Tesla didn’t have much of an order backlog for the new Model Y in the US, and it has already started gathering new Model Y AWD in inventory just weeks after launching the vehicle.
Tesla even started offering subsidized financing rates on the new SUV this weekend.
Now, the automaker is starting to take orders for the new Model Y Long Range RWD
The new trim starts at $44,990 and enables 357 miles of range – an extra 30 miles over the AWD version.
However, due to its single motor powertrain, the lower-priced version is slightly slower with a 0-60 mph acceleration in 5.4 seconds rather than 4.6 seconds.
The automaker says that deliveries of the new version will start in the US in the next 3 to 5 weeks. It launched the new Model Y RWD in Europe weeks ago.
Tesla also offers a Standard Range RWD in Europe and China for even cheaper, and deliveries have already started in China.
Electrek’s Take
Tesla appears to have waited to open orders for the Model Y RWD in the US to optimize demand for the Long Range AWD.
But now it needs a cheaper model to sustain demand at the current production rate.
In the coming weeks, it will start building a mix of RWD and AWD in Fremont and Austin to
Interestingly, Tesla currently only offers the subsidized 1.99% financing rate on the Model Y Long Range AWD. I would assume that Tesla plans to take advantage of the boost in demand that the cheaper model will create.
However, US buyers probably won’t have to wait more than a few weeks before Tesla starts to offer lower interest rates on all versions, like it already does in Europe and China.
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![Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/05/act-2025.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
On today’s thrilling episode of Quick Charge, we’ve got some of the highlights of the 2025 ACT Expo, including the all-electric Windrose and Mack Pioneer Class 8s trucks, a hydrogen fuel sell [sic] from Honda, a fun charging surprise, and – after an eight year wait – we finally get a ride in the all-new (in 2017) Tesla Semi!
ACT Expo is North America’s premier clean truck and transport trade show – and for 2025 it was bigger than ever, with more exhibitors and more, more capable battery electric vehicles than ever. The downsides? NACFE have scored with their “messy middle” messaging, and the return of “clean diesel” talking points. We’ve got a brief rundown and links to all the details, below.
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