Hyundai is setting ambitious goals for its electric vehicle (EV) sales in Europe, and its latest affordable EV, the Inster, is at the heart of the plan. Starting at just $25,000 (€23,900), this compact EV SUV could be a game-changer in making EVs more accessible to European buyers.
With Hyundai aiming to double its EV sales in Europe by next year, the Inster EV and the upcoming IONIQ 9 three-row SUV are expected to play major roles in achieving this milestone. But can Hyundai really turn things around in the competitive European EV market? Let’s dive in and see what’s driving Hyundai’s electrification strategy.
Hyundai’s Big EV Plans for Europe
Hyundai sold over 68,000 EVs in Europe last year, but its sales slipped by 15% compared to the previous year. The biggest drop came from Germany, where EV sales fell by 41% after the government ended key incentives.
Despite these challenges, Hyundai’s CFO, Seung Jo Lee, remains confident. During the company’s latest earnings call, Lee said Hyundai is focused on hitting its emissions targets and believes new EV models will boost sales this year.
Why It Matters:
The European Union (EU) will fine automakers that fail to meet their 2025 CO2 emissions targets. Volkswagen, Europe’s largest carmaker, could face $1.5 billion (€1.5 billion) in fines. Hyundai is determined to avoid penalties by ramping up EV production and sales.
Hyundai’s Goal:
Currently, EVs make up just 11% of Hyundai’s total European sales, down from 15% in 2023. Doubling EV sales would push that number above 20%, bringing Hyundai closer to meeting its emission reduction targets.
The $25,000 Inster EV Key to Growth
Hyundai expects the new Inster EV to be the biggest driver of its EV expansion in Europe. This small, affordable electric SUV could attract a large number of new buyers, thanks to its competitive pricing and solid driving range.
What Makes the Inster EV Stand Out?
- Starting Price: $25,000 (€23,900) in Germany
- Low Monthly Lease: Just $207 (€199) per month with no down payment
- Battery & Range:
- 42 kWh battery → 203 miles (327 km) WLTP range
- 49 kWh battery → 230 miles (370 km) WLTP range
For budget-conscious buyers looking to switch to electric, the Inster EV offers an attractive alternative to gas-powered cars without breaking the bank.
Meet the IONIQ 9 3rd-Row Electric SUV
In addition to the Inster EV, Hyundai is launching a larger, more premium electric SUV—the IONIQ 9.
Revealed at the 2023 LA Auto Show, the IONIQ 9 is a bigger, more upscale version of the Kia EV9. This full-size electric SUV is expected to offer a long-range, spacious interior, and advanced tech features.
IONIQ 9 Key Details:
- Size: 5,060 mm (199.2″) long, 1,980 mm (78″) wide, 1,790 mm (70.5″) tall
- Estimated Range: 385 miles (620 km) WLTP
Hyundai hasn’t revealed official pricing and specs yet, but the IONIQ 9 is expected to be a strong competitor to models like the Tesla Model X, Mercedes EQS SUV, and Volvo EX90.
Expanding the EV Lineup
Hyundai is making a big push to expand its European EV lineup. Along with the Inster EV and IONIQ 9, Hyundai already sells:
- Kona Electric (Best-selling Hyundai EV in Europe – 36,526 units in 2023)
- IONIQ 5 (Second best-selling – 22,830 units)
- IONIQ 6 (8,731 units sold)
But that’s not all! Hyundai is also preparing to launch the smaller IONIQ 3 later this year.
What We Know About the IONIQ 3:
- Expected to be closely related to Kia’s EV3
- Compact size – Perfect for urban driving
- Kia’s EV3 is already a best-seller in South Korea
- Expected starting price in Europe: $38,000 (€36,000)
With a full lineup of EVs ranging from small crossovers to large family SUVs, Hyundai is covering every major EV segment in Europe.
Genesis: Hyundai’s Luxury Brand Goes Fully Electric
Hyundai’s luxury division, Genesis, is also making a major shift. The brand has officially stopped making gas-powered cars and will transition to a fully electrified lineup.
However, this doesn’t mean Genesis will only produce EVs immediately. The company plans to include hybrids as part of its strategy before going fully electric in the coming years.
Genesis EV Sales in Europe (2023): 1,383 units
Though Genesis sales are still small compared to Hyundai, its move to full electrification aligns with Hyundai’s long-term vision for zero-emission vehicles.
Can Hyundai Really Double Its EV Sales in Europe?
Hyundai’s plan to double its EV sales in Europe is ambitious, but it has several key factors working in its favor:
- Affordable Entry-Level EV (Inster EV) – The $25,000 price point makes it one of the most accessible electric SUVs on the market.
- Expanding EV Lineup – With the IONIQ 9, IONIQ 3, and existing models, Hyundai is covering every segment, from compact crossovers to large family SUVs.
- Strong Demand for EVs – Despite short-term setbacks in Germany, European buyers are still shifting toward electric cars to meet government regulations and cut fuel costs.
- Avoiding EU Fines – Hyundai needs to boost EV sales to meet CO2 targets and avoid penalties, giving it extra motivation to push EV adoption.
Hyundai has big plans for the future of electric mobility, and the Inster EV is set to play a crucial role. With a $25,000 starting price, solid range, and affordable lease options, the Inster could be one of the most popular budget EVs in Europe.
At the same time, larger, premium models like the IONIQ 9 will attract families and high-end buyers, while the IONIQ 3 will cater to city drivers.
As Hyundai continues to expand its EV portfolio, its goal of doubling European EV sales by 2025 might not be as far-fetched as it seems. What do you think? Would you consider buying the $25,000 Hyundai Inster EV?
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