Watch Out Tesla, Volkswagen: Asian Rival To Launch $21K Crossover EV With 190-Mile Range In Europe
Portfolio Pulse from Benzinga Neuro
Hyundai Motor Company (OTC:HYMTF) is launching an electric version of its Casper mini SUV in Europe, priced at approximately $21,515, with a 190-mile range. This move aims to expand Hyundai's electric vehicle portfolio and compete with Tesla and Volkswagen in the European market. The Casper EV, cheaper than Hyundai's Kona EV, is part of Hyundai's strategy to regain market share in Europe and follows its efforts to offer cash bonuses in the US to sidestep tax credit barriers.
February 06, 2024 | 7:53 am
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Hyundai's launch of the Casper EV in Europe at a competitive price point is expected to strengthen its position in the electric vehicle market and could lead to increased market share and revenues in the region.
Hyundai's introduction of an affordable electric SUV in Europe is a strategic move to capture more market share and compete with established players like Tesla and Volkswagen. The competitive pricing and features of the Casper EV, along with Hyundai's recent sales momentum in the EV sector, suggest a positive short-term impact on Hyundai's stock. The company's efforts to overcome US tax credit barriers and its success in surpassing GM and Ford in EV sales further underscore its growing influence in the electric vehicle market.
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