Hyundai is setting its sights on significant expansion in the European electric vehicle (EV) market with the introduction of its new low-cost Inster EV and the larger IONIQ 9. The automaker aims to double its EV sales this year, targeting a substantial increase from last year's 68,000 units. Hyundai's CFO, Seung Jo Lee, expressed confidence in meeting EU emissions targets through strategic model launches and competitive pricing. With the Inster EV starting at approximately $25,000 and offering flexible leasing options, Hyundai hopes to capture a broader audience. Additionally, the company plans to unveil the upscale IONIQ 9 later this year, further diversifying its lineup.
The launch of Hyundai's Inster EV represents a pivotal moment for the company's European strategy. Positioned as an affordable entry into the EV market, the Inster EV offers two battery options: a 42 kWh version with a WLTP range of up to 203 miles and a long-range 49 kWh variant capable of traveling 230 miles. This compact SUV, showcased at the Brussels Motor Show, is designed to appeal to cost-conscious consumers while maintaining Hyundai's commitment to quality and performance. The vehicle's competitive price point and attractive monthly lease rates are expected to drive interest and boost sales figures significantly.
Beyond the Inster EV, Hyundai has also announced plans for the IONIQ 9, a spacious three-row electric SUV set to debut later this year. Unveiled at the LA Auto Show, the IONIQ 9 boasts impressive dimensions and an estimated WLTP range of 385 miles. This vehicle will compete directly with other premium electric models in the European market, offering Hyundai a chance to establish itself as a leader in both affordability and luxury within the EV sector. The IONIQ 9's size and features make it an ideal choice for families and those seeking a more upscale driving experience.
To support its ambitious sales goals, Hyundai is expanding its European lineup with several new models, including the IONIQ 3, which is anticipated to be similar to Kia's EV3. Last year, Hyundai's best-selling EV in Europe was the Kona Electric, followed by the IONIQ 5 and IONIQ 6. Despite a slight dip in overall EV sales due to reduced government incentives in Germany, Hyundai remains optimistic about regaining momentum. The company's efforts to meet EU CO2 emission targets will be crucial, especially as fines loom for manufacturers that fail to comply.
Looking ahead, Hyundai's strategic focus on affordable yet advanced electric vehicles positions the brand to capitalize on growing consumer demand. By introducing models like the Inster EV and IONIQ 9, Hyundai aims to not only double its EV sales but also solidify its role as a key player in Europe's rapidly evolving automotive landscape. The combination of competitive pricing, extended ranges, and diverse offerings should help Hyundai achieve its ambitious targets while aligning with environmental regulations.