Hyundai plans to boost its electric vehicle (EV) sales by introducing two new models, with a goal of achieving a 20% market share for EVs by the year 2025.

Hyundai is making a bold move in the European electric vehicle (EV) market with the launch of two new models: the new IONIQ and the low-cost Inster. The announcement comes as the EV industry experiences a slump in sales, with EV sales in Germany down by 31% in May compared to the same month the previous year.

The Inster, based on the CASPER, a small, boxy car sold in South Korea and India since 2021, is an all-electric mini SUV. Hyundai Europe aims to achieve an EV sales share of 20% in 2025, up from the current 14%, with the addition of these new models to its range.

Youcef Benachour, Brand Director Hyundai Switzerland at Astara, highlighted the innovation of the Inster during its official public presentation at the Busan International Mobility Show in 2024. The Inster will make its official debut at the same show, which opens this Thursday.

The Inster will be slightly longer than the CASPER to accommodate the battery, and it is expected to retail somewhere between €22,000 and €25,000. This affordable price point, combined with a range of up to 355 km (WLTP), makes the Inster a strong competitor in the electric city car segment.

In addition to the Inster, Hyundai is also launching the new IONIQ model in 2025. This model will join the IONIQ 5 and 6 on the European market. The new IONIQ model's key features will likely include a range exceeding 480 km and fast charging in under 20 minutes. Like the Inster, the new IONIQ model is expected to have an affordable price.

Hyundai expects its own EV sales to maintain upward momentum, and to make up at least 14% of its total sales in Europe this year. The launch of these new EV models in 2025 is a strategic move to further boost this momentum and achieve the goal of a 20% EV sales share by 2025.

The CASPER's affordability is a significant factor in its popularity in South Korea, with a sticker price around €14,000. The new IONIQ model, to be launched later this year, will continue this tradition of affordability while offering the latest in EV technology.

With the launch of these two new models, Hyundai is positioning itself as a leader in the affordable EV market in Europe. The Inster and the new IONIQ model are set to offer consumers a cost-effective and environmentally-friendly alternative to traditional combustion engine vehicles.