Electric vehicles are no longer confined to the realm of large, luxury, and expensive cars. Automakers are finally recognizing the growing demand and economic viability of producing Compact Evs that are more accessible in price and size, without compromising profitability. The automotive landscape is shifting, and 2024 is shaping up to be a pivotal year for the compact EV market, with a diverse range of models set to debut.
As the list below illustrates, manufacturers are actively developing and releasing compact electric vehicles, catering to a broader consumer base seeking efficiency and affordability. While this list isn’t exhaustive and includes some models not yet available in the U.S., it highlights the undeniable trend: small electric cars are on the horizon. These enticing vehicles come from established brands like Volkswagen and Volvo, as well as innovative companies such as BYD and, potentially, Tesla.
Will 2024 be the year the much-anticipated Tesla Model 2 finally emerges? It’s highly probable that we’ll see further announcements, but mass production might still be a bit further off, likely beyond 2025. Nevertheless, the compact EV segment is poised for significant expansion, thanks to the imminent arrival of models like the Volvo EX30, Renault 5, and Fiat 500e, the latter finally making its way to the U.S. after its initial European launch in 2021.
Volkswagen ID.2: The People’s Electric Car
The Volkswagen ID.2 made its debut in concept form as the ID. 2all in March 2023, signaling VW’s commitment to the compact EV market.
Volkswagen AG’s electric journey began with the ID.3 in 2019, establishing a foundation for a family of electric vehicles. Following the larger ID.4 and ID.5, anticipation is building for the production version of the ID.2all concept, unveiled by VW in March of the previous year. This compact EV is designed to be a practical and affordable option for urban and city dwellers.
Roughly the size of the current Volkswagen Polo hatchback, the ID.2all concept, soon to be the ID.2, represents a significant step towards making electric mobility more accessible. In a market where EVs often overshadow their gasoline counterparts in size and price, the ID.2’s compact footprint and affordability are genuinely exciting prospects for consumers seeking a small electric car.
Volkswagen aims for a 2025 production start for the ID.2, boasting a range of up to 450 km (280 miles). They promise the interior space will rival that of a Golf, while the price point will be as accessible as a Polo. To provide context, the current VW Polo starts at approximately £20,000 in the U.K., translating to around $25,000 in the U.S.
Adding to the excitement, VW plans to put a second compact concept, the ID.GTI, into production. Based on the ID.2all, this model marks VW’s first foray into a battery-powered GTI, complete with the iconic red accents and tartan interior. The production version of this sporty compact EV, expected in 2027, is eagerly awaited by enthusiasts.
Kia EV2 and EV3: Expanding the Korean EV Lineup
The Kia EV3 and EV4 were showcased during the 2023 Los Angeles Auto Show, previewing Kia’s upcoming compact EV models.
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Continuing with the ‘2’ designation, we turn to the Kia EV2. Similar to Volkswagen, Kia adopted an electric vehicle naming strategy that allows for expansion in both directions, starting with the EV6. Kia’s EV lineup is expanding rapidly, with the upcoming EV9 large SUV and the recently announced production version of the EV5 SUV, alongside two smaller electric concepts: the EV4 and EV3.
The EV4 is envisioned as a sedan positioned between the Tesla Model 3 and Model S, while the EV3 takes the form of a compact SUV. While specific technical details are still limited, all of Kia’s electric vehicles will utilize the modular E-GMP platform, also shared with Hyundai and Genesis. This platform is designed for efficient compact EV architectures.
Adding to the anticipation, Kia has hinted at plans for an even smaller vehicle, likely to be named the EV2. According to Autocar, Kia aims for a UK price of around £25,000 ($30,000) for this compact city car, with a potential launch in 2026. There’s even speculation of an even smaller EV1, suggesting Kia’s commitment to covering all segments of the compact EV market.
Tesla Model 2: The Affordable Tesla on the Horizon
Tesla teased the Model 2 in 2023, promising a high-volume, affordable compact EV.
Tesla has been relatively quiet on new model releases since the Model Y in 2019, but rumors of a smaller, more affordable EV have persisted. Teaser images and design sketches of a compact Tesla have been circulating for years, with the most recent glimpse at the company’s 2023 Investor Day.
Tesla has suggested a starting price of around $25,000 (approximately £20,000) for this model, targeting European and Chinese markets where demand for compact EVs is particularly strong. Likely to be produced at Tesla’s Berlin factory starting in 2025, this smallest and most affordable Tesla to date could compete with other budget-friendly EVs like the MG 4 EV and BYD Dolphin, as well as the upcoming Volkswagen ID.2 and Renault 5.
Achieving such an aggressive price point for the Model 2 will require Tesla to streamline its production processes, focusing on simplicity and cost reduction across all aspects of vehicle development and manufacturing. Tesla has indicated that a new platform could potentially reduce vehicle construction costs by approximately $1,000, crucial for a truly affordable compact EV.
Elon Musk stated in December 2023, “We are working on a low-cost electric vehicle that will be made at very high volume,” further adding, “The revolution in manufacturing that will be represented by that car will blow people’s minds. It’s not like any car production line that anyone’s ever seen.” This highlights Tesla’s ambition to revolutionize compact EV production and accessibility.
Renault 5: Retro Charm Meets Electric Power
The Renault 5 Electric production version debuted at the Geneva Motor Show, reviving a classic nameplate in a compact EV format.
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The production version of the revived Renault 5 made its debut at the Geneva Motor Show on February 26th. It’s anticipated to start at €25,000 in Europe (around $27,000) in markets with EV incentives. In the UK, buyers can expect to pay around £30,000 for this electric Renault city car when it arrives in 2025. U.S. availability is currently unlikely.
To challenge the new electric Mini and Peugeot e-208, the retro-styled Renault 5 concept was initially unveiled in 2021, featuring a charming, chunky design, five doors, and vibrant yellow paint. Measuring just 3.92 meters (154 inches) long, this compact EV will offer a 52 kWh battery pack with a claimed range of up to 248 miles. A smaller 40 kWh battery option with a reduced range will be available later. The Renault 5 will utilize a 400-volt system and is expected to have a maximum charging speed of around 130 kW.
Smaller than the Renault Megane E-Tech Electric, the Renault 5 is the first vehicle to utilize the AmpR Small platform. This bespoke architecture is specifically designed for small electric vehicles, optimizing space and efficiency for the compact EV segment.
BYD Dolphin: The Chinese Contender
The BYD Dolphin, despite slightly slower charging, is a compelling compact EV due to its price and features.
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Chinese automotive giant BYD is on track to potentially surpass Tesla as the world’s leading electric car manufacturer. Their smallest EV, the Dolphin, starts at £26,000 in the UK (approximately $33,000).
The Dolphin is a compact five-door hatchback featuring a 45 kWh battery pack offering a claimed range of 211 miles in the base model. The mid-range version boasts a larger 60 kWh battery with a claimed 265-mile range. Even the premium Dolphin trim, equipped with a panoramic roof and wireless phone charging, remains under £30,000 ($38,000) after tax, undercutting even the entry-level Volkswagen ID.3. This makes it a very competitive compact EV in terms of value.
The dashboard features a distinctive 12.8-inch rotating touchscreen, switching between portrait and landscape orientations, the latter ideal for video playback while charging. While the Dolphin’s maximum charging speed is 88 kW, which is slightly behind some competitors, its overall value proposition as a compact EV is strong. For drivers who primarily charge at home overnight and don’t frequently require rapid charging on long journeys, the Dolphin presents an appealing and unconventional option in the compact EV market.
Volvo EX30: Small Size, Big Performance
The compact Volvo EX30 offers a blend of performance and sustainability, starting from $34,950.
Volvo
Volvo’s smallest car, the EX30, is also surprisingly their quickest. The dual-motor version delivers over 400 horsepower and accelerates from 0 to 60 mph in a mere 3.4 seconds – performance figures comparable to supercars of the recent past. This impressive acceleration sets it apart in the compact EV SUV segment.
Beyond its remarkable performance, the Volvo EX30, priced around $40,000, is a smart and stylish compact electric car. It features an attractive design and a minimalist interior crafted from recycled materials, including denim jeans, plastic window frames, and reclaimed fishing nets. This focus on sustainability is a key differentiator in the compact EV market.
The more practical single-motor version of this compact EV is still quick, achieving 0-60 mph in 5.4 seconds. Its 64 kWh battery provides a claimed range of approximately 225 miles. While considered small by U.S. standards, the EX30 cleverly maximizes interior space within its compact footprint. It’s a well-designed, enjoyable to drive, and surprisingly spacious compact electric SUV.
Fiat 500e: Italian Flair in a Compact Electric Package
The Fiat 500e is a compact EV brimming with Italian style and urban sensibility.
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Fiat has taken its time bringing the 500e to the U.S. market, as it has been available in Europe for a few years. However, the wait should be worthwhile, as this compact EV is packed with Italian charm and character. Delightful details include a subtle Turin skyline graphic integrated into the wireless phone charger and a pedestrian safety sound reminiscent of a passing orchestra. These unique touches enhance the appeal of this compact electric city car.
The Fiat 500e is powered by a single electric motor sending 118 horsepower to the front wheels, achieving 0-60 mph in 8.5 seconds. Performance is similar to the previous generation electric Fiat 500, but the new model is noticeably larger. In Europe, two battery options are offered—24 kWh and 42 kWh—but only the larger 42 kWh version, promising around 150 miles of range, is coming to the U.S. This range is well-suited for urban driving in a compact EV.
DC rapid charging is capped at 85 kW, but given the smaller battery size, Fiat claims that 31 miles of range can be added in just five minutes. U.S. pricing for the 2024 Fiat 500e starts at $34,095, with deliveries expected to commence in the first quarter of the year. The Fiat 500e offers a stylish and efficient compact EV option for city dwellers.
