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| Hyundai Motor IONIQ 5 / Courtesy of Hyundai Motor Group |
By Kim Hyun-bin
Hyundai Motor Company's IONIQ 5 electric SUV is creating a sensation in India finding success in lowering production costs through local assembly, according to industry officials, Wednesday.
Hyundai Motor India is scheduled to officially launch the IONIQ 5 next month and has received more than 650 reservations ― more than double the 250 to 300 predicted initially.
As the IONIQ 5 sold more than expected in the early stages, the possibility of preoccupying the Indian EV market, which is still in its infancy, is increasing. According to the Indian Energy Storage Association (IESA), the Indian EV market is expected to grow rapidly at an average annual rate of 49 percent from 2021 to 2030.
"It seems that the IONIQ 5's outstanding marketability and recent favorable reviews in major countries have gained attention," a Hyundai Motor Group official said. "EVs are a hot global trend, and interest in EVs in the Indian market is also growing."
The company introduced the IONIQ 5 locally through the Auto Expo 2023 held in Greater Noida near New Delhi, the capital of India, Jan. 11.
The IONIQ 5 is a model launched by Hyundai Motor in 2021 and is the first vehicle to which the Hyundai Motor Group's E-GMP EV platform was applied. It can travel up to 631 kilometers on a single charge.
Hyundai Motor Company produces the IONIQ 5 in a semi-knocked-down (SKD) manufacturing method at its Chennai plant in India, significantly lowering its price.
The IONIQ 5's selling price in India starts at 4,495,000 rupees ($54,200), more than 35 percent cheaper than Kia's electric car model EV6, which starts at 6,095,000 rupees.
Considering that the Indian government provides a subsidy of 10,000 rupees to 20,000 rupees per 1KWh battery, the actual purchase price of the IONIQ 5 is estimated to be in the early to mid-$30,000 range.
The IONIQ 5 has a wide interior space with a wheelbase of 3,000 mm, and a 350kW DC fast-charger which can charge the battery from 10 percent to 80 percent in 18 minutes.
Hyundai Motor sold a total of 552,511 completed cars in India last year. Including its affiliate Kia, the total number reaches 807,067 vehicles. India is the third-largest market for Hyundai Motor Group after the U.S. and Korea.
