Hyundai to Reveal New Low-Cost INSTER EV Later this Month: Will it Launch in the US?

Later this month, Hyundai will unveil its new low-cost electric vehicle, the INSTER EV, at the Busan International Mobility Show.

The INSTER EV, an all-electric city car, is expected to be a fresh addition to the affordable EV market. However, its availability in the US remains uncertain.

Derived from "intimate" and "innovative", what game-breaking things could it make to stand out among other existing EVs in the market?

Hyundai's Strong Start in 2024

Hyundai has had an impressive start to 2024, selling over 17,000 EVs globally in April alone. In the US, Hyundai is steadily chipping away at Tesla's dominant market share.

Through May, Hyundai Motor, which includes Kia, held 11.2% of the US EV market, with 48,383 EVs sold. While Tesla still leads with a 40.5% market share, this gap has narrowed significantly from nearly 53% last year.

Expanding EV Lineup with the INSTER

Building on its momentum, Hyundai continues to expand its lineup of dedicated EVs based on the E-GMP platform. Models like the IONIQ 5 and IONIQ 6 are popular for their range of over 300 miles, fast charging capabilities, and sleek designs. These vehicles are also among the most affordable and fuel-efficient EVs available.

First Look at the INSTER EV

Hyundai recently released the first images of the INSTER EV, an "A-segment sub-compact EV." The INSTER is an evolution of the gas-powered CASPER model sold in Korea. Hyundai promises that the new electric car will "set new standards" in driving range, technology, and safety. The INSTER features Hyundai's signature daytime running lights, pixel graphic turn signals, and tail lights, emphasizing its modern electric identity.

Potential Performance and Pricing

According to Electrek, the INSTER EV is expected to offer up to 220 miles (355 km) of WLTP range. While official prices have not been confirmed, the gas-powered CASPER sells for under $15,000 in Korea. This suggests that INSTER could enter the market with an affordable price tag, making it an attractive option for budget-conscious consumers.

Will the INSTER EV Reach the US?

Despite the growing demand for affordable EVs in the US, Hyundai has not yet confirmed whether the INSTER EV will be available stateside.

Production at Hyundai's first EV and battery plant in the US is expected to start later this year, which could influence the decision. Additionally, with Kia's EV3 set to debut in the US market, the South Korean automaker might consider launching the INSTER to compete directly. The Kia EV3 is expected to be priced around $30,000 to $35,000.

Affordable EVs on the Rise

Hyundai's potential move to introduce the INSTER EV in the US could position it against other affordable EVs like Volkswagen's ID. 2, which is expected to debut later this year at around $27,000 (€25,000). This competitive landscape indicates a growing focus on making electric vehicles accessible to a broader audience.

With Hyundai doubling down on its EV commitment, the car manufacturer is projected to continue releasing competitive EV models with competitive pricing.