Hyundai is developing two small electric cars for the European market, with a sub-€20,000 (£17,041) price tag being proposed.
It's expected that one will be a city car and another a chunkier variant in the vein of the upcoming Volkswagen ID 1. Production is earmarked to begin in mid 2023 and late 2024 respectively.
The cars will be powered by BorgWarner electric motors, the company has confirmed, with peak power hitting 135kW (181bhp), although power and torque can be scaled by the manufacturer.
However, production-ready versions of the Korean brand’s cars are still a little while off, Hyundai Motor Europe marketing chief Andreas-Christoph Hofmann told Automotive News Europe.
The move towards affordable small cars, especially electric ones, comes as manufacturers look at ways of releasing new models but staying within new, tighter emissions regulations.
Hofmann said that city cars “are tough to sell profitably”, due to their low pricing and the technology needed to electrify smaller vehicles.
Despite a worry over profits, Hyundai is currently toasting the success of its second-quarter results, as it increased its European sales by 8.2%, with EVs accounting for 16% of this.
The company will hope that the Hyundai Ioniq 6 will push this further when it's released later this year. Expected to be priced from £45,000, the electric saloon has a 379-mile range and a 329bhp output.