First Electric Vehicle Applying Dedicated EV Platform E-GMP... Accelerating Market Leadership
Purchase Possible in High 30 Million KRW Range with Subsidies
Futuristic Design Featuring Pony-Inspired Exterior and Parametric Pixels
Interior Maximizing Convenience as a 'Second Home Outside the House'
[Asia Economy Reporter Ki-min Lee] Hyundai Motor Company challenged Tesla's dominance in the electric vehicle market by unveiling the first model equipped with an exclusive electric vehicle platform, the 'Ioniq 5,' on the 23rd.
Before the online launch of the Ioniq 5 in the afternoon, Hyundai announced at a media event that the vehicle will be released sequentially starting in Europe next month, followed by South Korea (Q2 this year) and the United States (June). Pre-orders will begin on the 25th of this month.
Hyundai is expected to intensify its competition for market leadership in the global electric vehicle market currently led by Tesla through the Ioniq 5. Hyundai has set a target to sell more than 26,500 units domestically and 70,000 units globally this year, with plans to sell 100,000 units next year. Jang Jae-hoon, President of Hyundai Motor Company, stated, "From this year, as the global automotive industry expands sales of volume electric vehicle models and launches new models, global demand is expected to grow by more than 30% compared to the previous year. We will establish ourselves as a top-tier brand leading electrification in the global market with the Ioniq 5."
Competitors to the Ioniq 5 include Tesla's Model Y, which was launched domestically this month, and Volkswagen's ID.4, expected to be released next year. Tesla's Model Y has sold over 70,000 units since its launch in the U.S. early last year, with a maximum driving range of up to 511 km (Long Range version). The zero-to-100 km/h acceleration time is 3.7 seconds for the Performance trim, and the top speed reaches 250 km/h.
However, the demand for electric vehicles, which had been concentrated on Tesla, may shift to the Ioniq 5. Tesla's Model Y was priced at 59.99 million KRW for the Range trim, qualifying for full government subsidies, but sales have recently been suspended. In contrast, the Ioniq 5 Exclusive trim is priced in the low 50 million KRW range, and the Prestige trim in the mid-50 million KRW range. After applying the individual consumption tax (up to 3 million KRW) and government subsidies (12 million KRW based on Seoul city standards), the Exclusive trim can be purchased for the high 30 million KRW range.
Another competitor, the Volkswagen ID.4, is a sports utility vehicle (SUV) built on the MEB electric vehicle platform, with a driving range of approximately 500 km per charge, similar to the Model Y. The maximum driving range of the Ioniq 5 is 410?430 km based on the Long Range rear-wheel-drive model, which is shorter than the Model Y. However, the wheelbase, which affects interior space, is 3,000 mm, 110 mm longer than the Model Y, offering superior spaciousness. Additionally, with a 350 kW ultra-fast charger, the battery can be charged up to 80% in under 18 minutes. A 5-minute charge allows for up to 100 km of driving.
However, Hyundai stated that during the development of the Ioniq 5, they did not focus on specific competitors but aimed to convey Hyundai's identity to customers. Kim Heung-soo, Head of Hyundai Motor's Product Division, said, "When developing the Ioniq 5, we planned and developed the car with the mindset of pioneering a new territory, focusing on elements that assist customers' daily lives such as spaciousness, utility, and V2L functionality." President Jang added, "Electric vehicles built on dedicated platforms are still rare in the global automotive industry. We believe our strengths lie in charging and driving performance, battery structural safety, and spaciousness." Lee Sang-yup, Executive Vice President of Hyundai Design, explained, "We wanted to show through this car the message we conveyed with the electric vehicle concept '45' unveiled two years ago, which respects the past while moving toward the future."
Hyundai applied its exclusive electric vehicle platform G-EMP to the Ioniq 5, featuring a straight-line design reminiscent of the Pony, Hyundai's first model launched in 1976, combined with futuristic parametric pixels. It also includes various driver safety features and futuristic convenience options such as digital side mirrors and a movable console called the Universal Island.
Prior to the launch, Hyundai conducted various angle tests on the Ioniq 5's battery structure, which supports the entire underside, to verify collision safety. Fayez Raman, Executive Vice President and Head of Vehicle Architecture Development Center, explained, "It is important to protect both passengers and the battery safely. Hyundai engineers tested the cell and module configurations, battery mounting methods and structures, and conducted tests based on collision areas to ensure the underside remains rigid."
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