Hyundai Ioniq 5 Facelift Released... Price Increase Around 4 Million Won

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Company announced that it will begin selling the updated model year version of the dedicated electric vehicle Ioniq 5 starting from the 15th.

The price has increased by about 3 to 4 million KRW across major trims, with additional increases of several hundred thousand KRW for key options, meaning those who have already reserved the vehicle may face an additional cost burden of around 5 million KRW to receive the new car. However, a new trim priced below 55 million KRW has been introduced to target electric vehicle subsidies, so it is expected that buyers will not receive reduced subsidies this year.

According to the company, the 2023 Ioniq 5 long-range model’s battery capacity has increased from 72.6 kWh to 77.4 kWh. The driving range per charge has improved from 429 km to 458 km. The standard model retains the same battery capacity.

To enhance charging efficiency, a conditioning function that manages battery temperature is now standard across all trims. The Exclusive trim now includes ECM room mirror, Hi-Pass, and rain sensor as standard features.

A new all-wheel-drive trim called I-Light H-Trac has been added to the long-range model. While it adds a front motor to enable four-wheel drive, it removes several features found in lower trims (Exclusive), such as the V2L connector that uses external power and parking distance warning.

Prices after tax benefits are as follows: the Standard model Exclusive trim is priced at 50.05 million KRW, up 3.1 million KRW from before. The long-range model’s Exclusive trim is 54.1 million KRW, and the Prestige trim is 58.85 million KRW, both up by 4.3 million KRW. The taxi model for commercial use is priced at 47.9 million KRW, an increase of 7.04 million KRW, and the long-range package is 54.1 million KRW.

Additionally, popular options and bundled packages have also increased by several hundred thousand KRW, so the actual additional cost burden is expected to be around 5 million KRW. Even those who have already signed contracts but have not yet received a delivery date can either cancel the contract or continue with the existing contract by paying the increased amount.

The newly introduced I-Light H-Trac is priced at 54.95 million KRW. Electric vehicle subsidies are determined based on vehicle price and performance, and it appears this price point was set considering that the full national subsidy (7 million KRW) requires the vehicle price not to exceed 55 million KRW. Even if the purchase price exceeds 55 million KRW, subsidies are determined according to certification classifications based on required specifications.

As with previous models, most variants qualify for the full national subsidy of 7 million KRW, and those receiving reduced subsidies show little difference. The company states that buyers of the new model will receive government and local subsidies at the same level as before.

This content was produced with the assistance of AI translation services.