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Multinational automakers are quickly increasing their offerings of affordable electric vehicles across Europe as Chinese brands like BYD and MG continue to expand their market share.
Industry analysts predict that a new wave of compact battery electric vehicles will be launched in the coming months. These models aim to attract cost-conscious consumers by targeting lower-price segments, strengthening their position against rapidly growing Chinese competitors.
Kia Corporation, based in Seoul, recently announced that its new budget-friendly model, the EV2, will be unveiled today at the Brussels Motor Show. This small all-electric SUV is the most compact and affordable vehicle the brand has introduced to date. It will be sold exclusively in Europe at an approximate price of EUR30,000 (around USD35,050). The vehicle will be manufactured at Kia’s Slovak factory, with production ramping up gradually throughout the year.
Similarly, Volkswagen plans to relaunch its iconic compact Polo as a fully electric model, called ID. Polo. Built on Volkswagen’s new MEB+ platform, this model is expected to launch in Europe this spring with an entry price of EUR25,000.
Other automakers, including Renault, Nissan, Hyundai, and Ford, are also preparing to introduce more budget-friendly EV models this year. For example, Renault is set to release a new electric version of the Twingo early in the year, with an estimated price below EUR20,000. Reports indicate that approximately 40 percent of the components used in this model are produced in China, helping to reduce costs.
According to data from the European Automobile Manufacturers Association, vehicle registrations across the broader European market—which includes the European Union, the United Kingdom, and the European Free Trade Association—topped 12.1 million units in the first 11 months of last year, representing a 2 percent increase from the previous year. Electric vehicles were a significant driver of growth, with 2.3 million battery electric cars sold—a 27 percent rise year over year—and 1.2 million plug-in hybrid EVs sold, up 33 percent.
Two Chinese automakers ranked among the top 10 in sales volume during this period. MG, backed by SAIC Motor, claimed eighth place with 274,000 units sold, a 26 percent increase from the previous year. BYD secured the tenth spot with 160,000 units sold, representing nearly a fourfold surge.
Beyond MG and BYD, other Chinese automakers with smaller sales figures experienced even faster growth. Sales of Leapmotor Technology’s EVs in Europe as of October last year soared over 41 times compared to the previous year, while Omoda, backed by Chery Holding Group, saw a twelvefold increase during the same period, according to automotive data provider Jato Dynamics.
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