Hyundai unveils plans for an affordable electric car that costs half the price of the Ioniq 5

The market of battery-powered electric cars is booming in many regions around the world, but truly affordable EV models remain rather scarce despite an abundance of potential buyers. The South Korean manufacturer Hyundai is apparently aware of this situation, as it has now hinted at an upcoming addition to its all-electric lineup, which currently features the Hyundai Ioniq 5, the Kona Electric as well as the soon-to-be-released Hyundai Ioniq 6.

Since even the small Hyundai Ioniq 5 has a list price of at least €43,900 in countries like Germany, the automaker plans to launch a much more affordable electric car in the future, which is supposed to target the high-volume price segment of around €20,000. According to a report by InsideEVs, these plans have recently been confirmed by Hyundai’s European marketing executive, Andreas-Christoph Hofmann, during his appearance at the Automotive News Europe Congress in Prague.

However, Hyundai's affordable electric car will probably not be particularly spacious. In all likelihood, it will be an electric subcompact or so-called minicar that is mainly designed for the European market due to its size. This upcoming model would be one of a total of 11 new EVs that Hyundai plans to launch by 2030. Unfortunately, the development of the low-priced electric car will still take some time, which means that bargain hunters should not hold their breath until they can buy an electric car that is virtually half the price of the aforementioned Hyundai Ioniq 5.

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