TECH - Hyundai Charges Ahead To Solidify Its EV Positioning Despite The Slowdown | Benzinga
Hyundai Motor Company (OTC: HYMTF) announced the launch of two new electric vehicles in Europe in an effort to boost its market share. The two new models, an affordable EV called the Inster EV,and a new IONIQ model, are key segment launches. While its rivals, including traditional automakers like General Motors (NYSE: GM) and Ford Motor (NYSE: F), but also the EV king, Tesla Inc (NASDAQ: TSLA) are scaling back their efforts, Hyundai is increasing its efforts to fight for leadership in the EV era. According to data from the Korean Automobile & Mobility Association, May already brought some sales records.
Affordable EVs Are In The Air
Last week, Hyundai provided a teaser of its low-cost EV for the first time, with the official debut of the Inster EV scheduled for the Busan International Mobility that is scheduled to kick off on June 27th. The Inster is key to Hyundai’s plan for EVs to account for at least 14 percent of its total sales in Europe this year. Volkswagen Group (OTC: