Hyundai Motor, a South Korean company, announced on Friday that it would launch the most affordable small electric car in Japan in an attempt to break into a market that is controlled by regional behemoths with well-established hybrid and gasoline vehicle technologies.
Following efforts by Tesla and other international companies to penetrate a market where EV adoption is sluggish, Hyundai launched the Inster in Japan. Hyundai will use a low-price approach with the Inster, similar to that of BYD, the top EV manufacturer in China.
The entry-model’s pricing of 2.85 million yen ($18,000) will be the lowest in Japan for a small electric vehicle, falling short of the 3.63 million yen BYD set for its Dolphin in 2023.
After launching as Casper Electric in South Korea, Inster made its debut in Europe last year.
