Hyundai Likely To Assemble Ioniq 5 Electric Crossover In India | V3Cars
New reports from various sources suggest that Hyundai are now considering local assembly of the Ioniq 5 EV crossover from CKD kits to keep prices competitive. The Kia EV6, on the other hand, is all set for launch in a couple of weeks via the CBU route. By taking the CKD route, Hyundai are likely to save on high import duties and taxes and thereby undercut its cousin, the Kia EV6. Read on to know the details.
In global markets, Hyundai offer the Ioniq 5 with 2 battery pack options — a smaller 58kWh and a bigger 72.6kWh battery pack. The latter is likely to be replaced by a bigger 77.4kWh unit soon. Both the 58kWh and 72.6kWh battery options can be specced with either rear- or 4-wheel-drive. However, as Hyundai are looking to keep costs low, we expect them to launch the 58kWh rear-wheel-drive model in India.
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The CKD route will decrease tax impositions drastically to as low as 15%. On CBU imports, the tax impositions could be as high as 60% whereas the same hovers in the range of 30% in the case of semi knocked-down units (SKD). As per sources, Hyundai are looking to offer the Ioniq 5 at a sub-Rs. 50 lakh ex-showroom price. Its sibling, the Kia EV6, is likely to attract a price tag of over Rs. 60 lakh ex-showroom.
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The Hyundai Ioniq 5 will go up against the Kia EV6 and the Volvo XC40 Recharge. However, if Hyundai manage to price it lower than Rs. 50 lakh, it will not have any direct rivals. This could help the company give premium SUVs a run for their money. Hyundai are likely to launch the Ioniq 5 later this year whereas the deliveries are likely to begin from January 2023.
Also Read: Hyundai Join Hands With Tata Power To Boost EV Infrastructure
ABOUT THE AUTHOR
Amit Saraswat
Born and brought up in Agra, he grew up reading magazines more than textbooks. With a keen interest in cars, he decided to make his future in automotive journalism and is currently helping in content at V3Cars.
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