Global automakers, including South Korea’s Hyundai Motor Co. and Kia Corp., are expected to expand the lineup of more affordable electric vehicles (EVs) priced under 30 million won ($23,210) next year, as part of efforts to boost the sales of battery-powered cars.

According to data from the Korea Automotive Technology Institute on Tuesday, EV sales growth fell below 60 percent this year, significantly down from 61 percent last year and 115 percent in 2021.

Industry insiders noted that the weak growth comes as early adapters have all made their purchases of high-priced EVs, raising the need for automakers to focus on cheaper models for sustainable growth.

In line with the trend, automakers are expected to release affordable EVs priced between 20 million won and 40 million won in 2024, including six entry-level EV models in Korea.

Hyundai Motor plans to introduce the Casper Electric, an electric variant of its compact car Casper. Featuring cost-effective lithium-iron-phosphate (LFP) batteries, the vehicle’s price starts at 20 million won.

Kia aims to stimulate sales from the EV3, a compact electric sports utility vehicle (SUV), and the EV4, a mid-sized electric sedan.

The EV3, which is expected to be priced in the low 30 million won range, features a design reminiscent of the highly acclaimed EV9 and equipped with advanced features such as highway driving assistance and remote parking assistance.

KG Mobility Corp and GM Korea Co. are also set to unveil cheaper EV models.

KG Mobility will introduce Korea’s first electric pickup truck O100 (project name) in 2024. When adjusted for cargo EV subsidies, the price is reduced to 30 million won per unit.

GM Korea has announced the domestic launch of the Chevrolet Equinox EV, which starts at 45 million won.

Global brands are also expected to join the trend.

The Volvo EX30 will compete with the Hyundai Kona EV and Kia Niro EV in the small electric SUV segment, starting at 49.45 million won.

By Park Je-wan and Han Yubin

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