(Yicai) Jan. 9 -- Multinational automakers are accelerating the rollout of lower-priced electric vehicles in Europe as Chinese brands, including BYD and MG, continue to expand their market presence.

Analysts said global carmakers will introduce a wave of compact battery electric vehicles in the coming months, targeting more affordable price segments to defend market share against fast-growing Chinese competitors.

Seoul-headquartered Kia Corporation recently confirmed that its new entry-level model, the EV2, will make its debut at the Brussels Motor Show today. The compact all-electric sport utility vehicle is the smallest and cheapest EV the company has launched so far and will be sold exclusively in Europe at a price of around EUR30,000 (USD35,050). Production will take place at Kia’s Slovak factory, with output set to gradually increase this year, Yicai learned.

Similarly, Germany’s Volkswagen plans to revive its classic compact Polo as a battery electric vehicle under the name ID. Polo. Built on Volkswagen’s new MEB+ platform, the model is scheduled to go on sale in Europe in the spring of this year, with a starting price of EUR25,000.

Other automakers, including Renault, Nissan, Hyundai, and Ford Motor, also plan to introduce more economical EV models this year. Renault, for example, is set to launch a new battery electric version of the Twingo early this year, with an estimated price of less than EUR20,000. Media reports said about 40 percent of the components used in the model are produced in China, helping keep costs down.

Data from the European Automobile Manufacturers Association showed that total vehicle registrations in the broader European market, covering the European Union, the United Kingdom, and the European Free Trade Association, reached 12.1 million units in the first 11 months of last year, up 2 percent from a year earlier. EVs were the main growth driver, with 2.3 million battery electric vehicles sold, up 27 percent year on year, and 1.2 million plug-in hybrid EVs sold, an increase of 33 percent.

Two Chinese automakers ranked among the top 10 by sales volume in Europe during the period. SAIC Motor-backed MG placed eighth with 274,000 units sold, up 26 percent from a year earlier, while BYD ranked 10th with sales of 160,000 units, representing a nearly fourfold surge.

Beyond MG and BYD, Chinese automakers with smaller sales bases recorded even faster growth. EV sales by Leapmotor Technology in Europe as of October last year jumped more than 41 times from a year earlier, while EV sales of Omoda, backed by Chery Holding Group, rose 12 times over the same period, according to data from Jato Dynamics, a supplier of automotive business intelligence.

Editor: Emmi Laine