Hyundai reveals ‘new standard’ EV with 221 miles of range – it’s half the price of an average electric car

Lovers of ELECTRIC vehicles are about to see a new model hit the market that promises to be good for drivers’ pockets and put pressure on competitors.

On June 27th, Hyundai will present its new electric car, the Casper Electric, which will be known as the Inster EV in Europe.

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This comes as the manufacturer aims to offer drivers on lower budgets an affordable electric vehicle.

The Korean company teased the upcoming launch, saying it will add more pressure to its competitors in the EV market.

Hyundai called its Casper Electric a “new standard for popularizing electric vehicles,” according to Electrek.

The new vehicle is inspired by the Hyundai Casper, which runs on gasoline and costs around US$15,000.

The inspiration for the EV 2021 is a four-door urban vehicle with a 1.0 gasoline engine.

Although the electric version is expected to cost more, Hyundai hopes that its low price compared to current EVs on the market will make electric vehicle ownership a reality for more drivers.

Although the official price has not yet been released, the Casper Electric is estimated to be priced at less than US$27,000 (around 25,000 euros).

It’s rumored to start at $21,500 (around 20,000 euros including VAT), according to Inside electric vehicles.

The average price of new electric vehicles costs Americans $55,353, according to data from Kelley Blue Book.

While EV fans eagerly await the release of images and specifications of the new Hyundai, the manufacturer has already revealed some details.

The vehicle will feature the manufacturer’s DRL headlights and will have pixelated turn signals like its IONIQ models, according to Electrek.

Meanwhile, the performance will make the European launch have a range of up to 221 miles, or 355 kilometers.

The Inster will “set new standards” for the EV market in terms of range, safety and technology, Hyundai said.

Hyundai will officially unveil the Inster EV at the Busan International Mobility Show on June 27.

After being launched in Europe, an IONIQ model will be released later this year, according to Hyundai Europe CEO Michael Cole.

However, it is unknown whether the Casper Electric will be released in the United States.

Electric versus gas vehicles

Pros and cons of electric vehicles versus gasoline-powered vehicles

EV PROS:

• Convenient (when charging at home)
• Cheapest (depending on the state or city)
• Cheaper maintenance due to lack of mechanical parts
• Great for commuting
• Reduced CO2 emissions
• Federal and state tax incentives
• More performance (speed, handling – depending on make and model)

EV CONS:

• Higher initial cost
• Higher Insurance Rates
• More frequent tire and brake replacement intervals
• Higher tare weight (thus causing faster wear on crucial parts)
• Low resale value
• High depreciation rates
• Lack of charging infrastructure
• Unreliable public loading (related: slow loading times)
• Poor performance in winter and summer
• Lack of clean energy alternatives means more “dirty energy” from coal and nuclear sources
• Range anxiety

PROS OF GAS:

• Highly developed refueling infrastructure
• Fast replenishment
• Cheapest insurance rates depending on make, model and configuration
• Established repair industry
• Lower initial cost
• Greater range before refueling, especially with hybrids
• Many manufacturers produce engines with almost fewer emissions
• Cheaper refueling depending on location

CONS OF GAS:

• Finite resource (related: heavy dependence on oil)
• Carbon emissions/greenhouse gases
• Higher repair costs
• Higher insurance rates depending on make, model and configuration
• Varying costs at the pump depending on state, city and county

Source: Driver, Perch Energy, Automatic Week

Meanwhile, Ferrari has revealed a new electric vehicle that is expected to have its own dedicated factory.

The Italian manufacturer’s $535,000 car will be its first EV and is expected to be produced in late 2025.

“There is a growing demand for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, Ferrari shareholder, Reuters.

As Ferrari turns to the electric vehicle market, The US Sun has previously reported plans for a gravity-defying motorcycle.

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