Hyundai Motor Company HYMTF is set to launch an electric version of its Casper mini SUV in Europe, challenging the likes of Tesla and local heavyweight Volkswagen.
What Happened: Hyundai is planning to introduce an electric version of its Casper mini SUV in Europe, according to a report from Teslarati. The vehicle is expected to be priced at around 20,000 euros ($21,515) and will feature a lithium iron phosphate (LFP) battery, offering a range of 200-300 km (125-187 miles).
The production of the Casper EV is expected to commence in July, with deliveries scheduled before the end of the year. The vehicle will be significantly cheaper than Hyundai’s current most affordable electric offering, the Kona EV, which starts at 36,400 euros in the German market.
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Hyundai’s move to introduce a budget-friendly electric vehicle in Europe is part of its broader strategy to expand its electric vehicle portfolio and regain market share in the region. The Casper EV will compete with other small battery-electric options in the market, including the China-built Dacia Spring, the Renault Twingo EV, and the Citroen e-C3.
Why It Matters: Hyundai’s decision to introduce an affordable electric SUV in Europe comes on the heels of its efforts to sidestep US tax credit barriers by offering up to $7,500 in cash bonuses for American buyers of its electric vehicles. This move is seen as a bid to catch up with competitors, including Tesla, whose select vehicles qualify for a federal tax credit of the same amount.
Hyundai’s push into the electric vehicle market has been gaining momentum, with the company and its unit Kia surpassing both GM and Ford individually in terms of EV sales in 2023. The Ioniq 5, Hyundai’s best-seller, played a significant role in this achievement. The introduction of the Casper EV in Europe is expected to further bolster Hyundai’s position in the global electric vehicle market.
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