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 ($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.

Also Read: BMW i4 And iNext EVs’ Driving Range To Exceed 373 Miles

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.