Hyundai IONIQ Electric gets a price cut in South Korea

Hyundai IONIQ Electric gets a price cut in South Korea
Hyundai IONIQ Electric at the fourth International Electric Vehicle Expo

The fourth International Electric Vehicle Expo, which takes place at the Yeomiji Botanic Garden of Jungmun Resort in Jeju Island, South Korea, started today. This event is where Hyundai and Kia usually show their eco-friendly car novelties.

 

The Korea Herald brings us the good news:

 

“Hoping to gain momentum through the event, Hyundai Motor unveiled an affordable version of the Ioniq Electric trim “I” to expand its presence in the EV market, which is growing at a slower-than-expected pace. The proportion of EVs around the world accounts for 0.01 percent of the total number of vehicles.

The South Korean carmaker launched the Ioniq Electric with two trims “Q” and “N” in June last year. Hyundai sold 3,749 units last year, making up 63 percent of the market, the company added. The “I” trim is offered at 18.4 million won ($16,300) after applying financial benefits provided by the government.”

 

We’ll have to wait and see if this new cheaper trim is also introduced outside South Korea.

In Europe the price difference between the hybrid and electric variants of the Hyundai IONIQ is roughly 10.000 €, which is nonsense, considering that the electric variant is much simpler to build and the small LG Chem battery doesn’t justify this huge price difference.

 

Kia is also at the event showing its new Kia Soul EV with more battery capacity and range.

 

 

More info:

http://www.koreaherald.com/view.php?ud=20170316000908

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3031043

Pedro Lima
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Apkungen
3 years ago

So what is the difference in price between the models and how much would the I model cost in Europe if it came here?

3 years ago
Reply to  Apkungen

Not many details available at the moment.

Nevertheless in South Korea, after incentives the Hyundai IONIQ Electric now has a starting price of 18.400.000 KRW (15.088 €), while the Chevrolet Bolt EV is at 22.000.000 KRW (18.040 €).

This is just to say that with this minor price difference the Chevrolet Bolt EV makes much more sense and Hyundai has to change something – like introducing the new battery as soon as it can.

apkungen
3 years ago
Reply to  Pedro Lima

The Ioniq is a nice car though, with adaptive cruze and self steering. bigger than the bolt as well i think and 3000 eur cheeper and faster fast charging I think. Is the bolt limited to 50kW or can it like the ioniq charge at 70kW? i think the ioniq will continue to compete.

3 years ago
Reply to  apkungen

According to Josh Tavel, Chief Engineer of the Bolt EV, the max charge rate is 80 kW.

http://pushevs.com/2016/11/16/chevrolet-bolt-ev-might-charge-80-kw/

We need the Opel Ampera-e in Europe to know for sure, since in the USA virtually every CCS charger is limited to 50 kW.

anonymus
3 years ago

http://www.hyundai.com/kr/showroom.do?carCd1=RD030&WT.ac=direct_carkind_ioniqelectric

Base price 40.896.000 won (33.890 euros before incentives)

How can the get 18.400.000 KRW (15.088 €) ???

3 years ago
Reply to  anonymus

They have very generous incentives in South Korea.

anonymus
3 years ago
Reply to  Pedro Lima

Hi Pedro.

They have about 14 millions won. About 11.000 euros.

33.890-11.000=22.890 euros.

How they can get 15.088 euros??

3 years ago
Reply to  anonymus

Hello.

If you check the link you provided you’ll see this:

Government subsidy of 14 million won

Jeju Island subsidy of 6 million won

Total = 20 million won (16.400 €)

I hope this helps to clarify it.