An all-new BMW i model could be in the works and it may be dubbed the i2. BMW development boss Klaus Fröhlich recently hinted to Germany’s Manager Magazin that a small new electric model is being developed by BMW’s i division. It is reported that this vehicle could launch in 2024 and be priced at a touch under 30,000 euros (US$ 34,000).

At this early stage, it remains to be seen if the BMW i2 would serve as a direct successor to the current i3 or if it would be positioned as a separate model. BMW Blog reports that the i2 will have similar dimensions to the i3 but its lower price point could allow the automaker to build it alongside a second-generation i3.

It is reported that BMW will be able to make the i2 significantly cheaper than the i3 thanks to the use of a platform that doesn’t use carbon fiber and instead uses more affordable aluminum or steel. The same report says BMW is interested in co-developing the platform with Daimler and use it in other models in the brand’s range, including plug-in hybrids and all-electric vehicles.

The lower starting price of the BMW i2 won’t be the only thing that makes it appeal to customers. According to reports, it will adopt a more conventional design than the i3 and could take the shape of a small sedan or a four-door coupe. If BMW does indeed launch an i2, the model could benefit from technologies developed in collaboration with Daimler as part of a new collaboration between the German carmakers.