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.
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 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 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.
Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.
According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.
“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.
The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.
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The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.
Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.
And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.
The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.
Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.
That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.
The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.
Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.
The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.
Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.
In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.
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U.S. President Donald Trump and Elon Musk attend a press event in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025.
Nathan Howard | Reuters
When they lose a significant other, most men do indeed become a “TRAIN WRECK.” Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.
What does the world’s richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”
Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here’s direct democracy — and the powerful post-separation motivation — in action.
— CNBC’s Erin Doherty contributed to this report.
What you need to know today
And finally…
An investor sits in front of a board showing stock information at a brokerage office in Beijing, China.
US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.
Francis Chung | Bloomberg | Getty Images
When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.
What does the world’s richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”
Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here’s direct democracy — and the powerful post-separation motivation — in action.
[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.
And finally…
Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.
Pascal Rondeau | Hulton Archive | Getty Images
The CEO mindset is shifting. It’s no longer all about winning
CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.
In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure.