SEOUL, April 15 (Yonhap) — Hyundai Motor Co. said Thursday it will launch the IONIQ 5 all-electric vehicle in the domestic market next week as its production resumed this week.
Hyundai plans to launch the IONIQ 5 model on Monday, and government subsidies will be available for EV purchases from Wednesday, a company spokesman said.
The subsidy from the central government is 8 million won (US$7,200), and subsidies from provincial governments reach up to 11 million won.
Given the IONIQ 5 long-range models are priced at 49.8 million-54.5 million won, customers can purchase the models at the lowest price of 30.8 million won with the subsidies.
The production of the IONIQ 5 was suspended from April 7-14 due to a problem in auto parts affiliate Hyundai Mobis Co.’s production line, which rolls out the traction motor for the all-electric model.
Hyundai was planning to produce 10,000 IONIQ 5 models during the one-week period but produced only 2,600 units due to the problem.
On Feb. 23, Hyundai unveiled the IONIQ 5, the first model embedded with Hyundai Motor Group’s own EV-only electric-global modular platform (E-GMP), as it strives to morph into a future mobility solutions provider.
Hyundai was planning to launch the IONIQ 5 in Europe last month, but the glitch delayed the launch. It plans to launch the model in the United States and other markets later this year.