When you think of electric vehicles, or EVs, one name likely comes to mind – Tesla. However, there’s a confident new player on the scene looking to carve out a powerful niche as a more affordable EV option.
Hyundai is entering 2021 with a lot of resources being pumped into its EV output and footprint, and the company plans to have a 10-vehicle EV lineup hit the market by 2022 that includes seven SUVs and three sedans.
“With the launch of new vehicles based on the recently released electric vehicle platform, the E-GMP (Electric-Global Modular Platform), we plan to provide attractive eco-friendly mobility options that aptly reflect customers’ diverse tastes and needs at more reasonable prices,” said Hyundai Motor Group Chairman Euisun Chung in an address to employees.
Even the Chevy Volt, a more direct competitor in the market than Tesla, weighs in at more $35,000 in terms of base MSRP.
On this industry update, host Daniel Litwin pulls insights from Hyundai’s North America President and Chief Executive Officer José Muñoz, to explore Hyundai’s venture deeper into the world of EVs and the potential impact it could have on the market, particularly if the company is successful in producing a more affordable, mainstream option for those looking to go electric.
- Tesla still owns the luxury EV market, but Hyundai is attempting to carve out a sizeable niche.
- The Chevy Volt is the manufacturer’s biggest direct competition.
Affordability is Hyundai’s central focus in asserting its position in the market.