Hyundai Motor Europe's marketing director said the business would introduce an all-electric entry-level car to Europe.
European Market may Soon Get Hyundai's $20,000
The cost of electric vehicles continues to be one of the main criticisms. Even with subsidies, the majority of consumers cannot afford them.
Hyundai has acknowledged that it has entered the competition to create a brand-new compact electric vehicle for under $20,000. But it seems that only European markets may get access to it.
Hyundai Motor Europe's marketing director, Andreas-Christoph Hofmann, claims that the company has committed to eventually introducing an all-electric entry-level vehicle to the European market. Hofmann explicitly stated that the "battery-powered minicar" would take some time to evolve into a form that can go into production.
In the $20,000 price bracket, there are very few, if any, electric car possibilities. A number of manufacturers have said that they are aiming toward that price range, including Volkswagen with the I.D. Life initiative, which the German carmaker claimed would be less than $25,000.
Hoffman said that the Hyundai i10, a little four-door hatchback sold by the company in Europe, India, and Latin America, will be replaced.
Hyundai hopes the new electric model will help it maintain its market position in Europe as restrictions compel automakers to switch to electric cars more and more.
Similar laws are weaker in North America, where there is less demand for compact cars, whether electric or not. Many manufacturers, like Honda with the Honda E, have chosen not to introduce some smaller city EVs in the U.S.
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Contract for $5.5B Hyundai Factory in Georgia is almost Approved
The local economic development agency that helped persuade Hyundai Motor Group to build a $5.5 billion electric vehicle facility near Savannah authorized its sections of the deal Tuesday. Details of tax reductions and other incentives have not been published.
The joint development authority approved the pact that represents four southeast Georgia counties that will lose hundreds of millions in taxes for the 8,100 jobs Hyundai has promised. The incentives package's details won't be released until the state and Hyundai sign the deal, which might happen this week.
The project was unveiled two months ago in Bryan County, where Hyundai aims to establish its first U.S. electric car manufacturing. The company wants to start building next year and produce 300,000 cars annually by 2025.
State officials said the incentive package would be similar to the $1.5 billion offered to Rivian Automotive, which plans an electric vehicle manufacturing east of Atlanta.
An estimated $213 million in income tax credits will be a significant win for Hyundai. That is based on Georgia's credit for its most significant development projects, which is $5,250 per job over five years. Georgia would instead pay Hyundai the personal income taxes it had received from Hyundai employees if Hyundai didn't owe that much state corporate income tax.
Hyundai will probably save hundreds of millions of dollars because of exemptions from sales taxes on building supplies and equipment.
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