Like most global automakers, Hyundai is pursuing a top-down approach in its transition to EVs. The company has introduced/announced bespoke EVs for the larger segments in which absorbing the high costs of new technologies is easy and the potential for sales globally is higher. In time it will launch smaller dedicated EVs, possibly including a Hyundai Ioniq 2.
Target markets
The Hyundai Ioniq 2 could be an electric hatchback targeted at European countries, as well as Australia, and New Zealand. On July 14, 2022, speaking at the 2022 Automotive News Europe Congress in Prague, Andreas-Christoph Hofmann revealed that Hyundai has a battery-powered minicar in the pipeline, but developing it will take some time, Automotive News Europe reported on July 18, 2022. Hofmann is the Vice President of Marketing & Product for the company’s European division.
Price
Hofmann indicated that EUR 20,000 is the targeted base price for the electric minicar. As electric vehicles become more popular, manufacturers are working to make them affordable. Several companies are aiming for very low prices for their mid-decade electric cars, and Ioniq 2 will face competition from Stellantis, VW Group as well as the Renault-Nissan-Mitsubishi alliance.
Platform & Specifications
The EUR 20,000 target price probably won’t be achievable with the Electric Global Modular Platform (E-GMP), the basis of the Hyundai Ioniq 5, Hyundai Ioniq 6, and the upcoming Hyundai Ioniq 7. The Hyundai Ioniq 2 could ride on the eM platform, which will fall under the Integrated Modular Architecture (IMA) that will evolve from E-GMP.
Hyundai says that IMA (and thus the eM platform) will standardize not only the chassis but also battery system and motor. In other words, it will allow greater usage of common components, which is key to reducing development and production costs. The company plans to start using the cell-to-pack system with the introduction of IMA. Hyundai is planning six types of battery packs, some with LFP chemistry and a few with NCM chemistry. All six battery packs will operate at double the normal voltage – 800 volts.
The IMA platform is applicable for B- to E-segment cars, and thus will underpin not only premium models but also entry-level vehicles. Hyundai plans to offer its eM platform-based EVs with many new technologies, including B-pillarless and swing doors, first-row swivel seats, and long-sliding second-row seats. The Hyundai Ioniq 2, however, would be all about affordability and may not get many of those innovations.
Also See: 15 upcoming affordable electric cars (Global market)
Release Date & Competitors
The Hyundai Ioniq 2 city car could debut and go on sale in 2025. On March 2, 2022, in his presentation at the 2022 CEO Investor Day, Jaehoon Chang, CEO, Hyundai, revealed that 2025 is the year when the first eM platform-based EV will arrive. Volkswagen Group is also looking to launch electric small hatchbacks (from the Cupra, Skoda, and Volkswagen brands) starting in 2025, while Renault is targeting early 2024 for the reborn Renault 5 EV, to be followed by Nissan with the Micra EV.
I got my Master’s in Business Management & Administration and have been an International Automotive News Editor since 2014. I’ve traveled to global motor shows and automotive events, driven various types of vehicles, and focused on hybrid and electric cars in the last 4 years.
