Thanks to CKD Plant Incentives, Hyundai Ioniq 5 Now Priced at RM233k in Thailand After RM9k Drop

Hyundai has recently secured approval to start manufacturing electric vehicles and batteries in Thailand, and the company is already benefiting from it through government incentives. One of the advantages is the issuance of an investment promotion certificate, which has allowed Hyundai to significantly reduce the price of its flagship Ioniq 5 Exclusive model by 70,000 baht (RM8,900).

As a result, the Ioniq 5 Exclusive is now available for 1,829,000 baht (RM232,900), marking a drop from its previous price of 1,899,000 baht (RM241,700). Meanwhile, the base Premium model remains unchanged at 1,699,000 baht (RM216,300). Although the Ioniq 5 is still imported from South Korea, Hyundai plans to begin local production at its Samut Prakan facility by 2026.

The Exclusive trim comes with a high-end setup not currently offered in Malaysia, featuring a powerful rear motor that delivers 217 PS (160 kW) and 350 Nm of torque. It is equipped with the largest battery option, boasting a capacity of 72.6 kWh and providing a range of 481 km under the WLTP cycle. However, Thailand does not offer the all-wheel-drive version, which is sold as the Max in Malaysia, with higher specs of 305 PS (225 kW), 605 Nm, and a range of 430 km.

Meanwhile, the Premium trim closely matches Malaysia’s Lite variant, offering 170 PS (125 kW) and a smaller 58 kWh battery that provides a range of 384 km. Interestingly, Malaysia’s Lite model is slightly more affordable at RM207,808, thanks to tax exemptions.

These price reductions are part of Thailand’s EV 3.5 initiative, with Hyundai pledging to invest 1 billion baht (RM127 million) in local EV and battery production. A key aspect of this plan is the company’s commitment to sourcing at least one-third of the required materials and components from within Thailand, a move that is expected to provide much-needed support to local suppliers affected by the rapid growth of the country’s electric vehicle sector.