Hyundai will not stop selling cars with internal combustion engines in Europe until 2035, although most competitors will abandon the good old internal combustion engine at the end of this decade or even earlier. Meanwhile, the brand is moving forward with the onslaught of electric vehicles, releasing a competitor Tesla Model 3 Ioniq 6. In 2024, their example will be followed by a large three-row SUV Ioniq 7.
Before entering the market for something cheaper, motorists need to wait patiently. In an interview with Automotive News Europe, the Marketing director of Hyundai Motor Europe Andreas-Christoph Hofmann said that a more affordable electric car is being developed that will meet increasingly stringent emission standards in the European Union. It will cost somewhere around 20,000 euros, which Volkswagen Group is targeting for its three entry-level electric vehicles, which will be released in 2025 with VW, Skoda, and Cupra badges.
“Hofmann acknowledged that the development of a small car, especially with electric transmission, is a difficult task due to layout limitations. It is also difficult to make a profit from small electric vehicles, so Hyundai decided to prioritize the launch of three larger Ioniq models. The biggest of them is Ioniq 7.”
Hyundai’s Europe marketing director said there is still a lot to be done on the electric vehicle front as the company aims to produce at least 11 zero-emission models by the end of the decade. In the first half of this year, electric vehicles accounted for 16% of the company’s total sales in Europe, where Hyundai’s market share increased by one percent to 4.7%.
While electric cars are mostly associated with battery-powered cars, Hyundai is one of the few brands that believe that hydrogen still has a future. Without major investments in infrastructure, fuel cell cars, such as the N Vision 74 concept, remain a pipe dream for now.