Hyundai Ioniq 5 receives a price cut in Thailand
Paul Tan, 4 Sep '24
Hyundai has recently secured approval to assemble electric vehicles and batteries in Thailand and is already reaping the rewards.
The company has been granted an investment promotion certificate, allowing it to reduce the price of the Ioniq 5 Exclusive by THB 70,000 (RM8,900).
The new price for the Ioniq 5 Exclusive is now THB 1,829,000 (US$ 54,000), down from THB 1,900,000. The base Premium model remains at THB 1,700,000.
Currently, the Ioniq 5 is fully imported from South Korea; local assembly at Hyundai's new Samut Prakan plant is expected to begin in 2026.
The Exclusive model features a long-range specification not available in Malaysia. It has a more powerful rear motor producing 217 PS (160 kW) and 350 Nm of torque, paired with a 72.6 kWh battery that offers a WLTP-rated range of 481 km.
Thailand does not offer the all-wheel-drive model, known as the Max in Malaysia, which provides 305 PS (225 kW), 605 Nm of torque, and a range of 430 km.
The Premium model in Thailand is similar to the Lite model in Malaysia but with a lower power output of 170 PS (125 kW) and a smaller 58 kWh battery, offering a shorter range of 384 km.
In Malaysia, the Lite is priced slightly lower at MYR 207,808 (US$ 48,000) tax-free. These incentives are part of Thailand's EV 3.5 project, which Hyundai supports with a commitment to invest THB 1 billion in local EV and battery assembly.
The company also plans to source at least a third of its required raw materials and parts locally, providing a boost to Thai parts makers affected by the country's EV push.
