Hyundai may have only just received approval to assemble electric vehicles and associated batteries in Thailand, but the company is already reaping the benefits in the form of incentives, having received its investment promotion certificate. This has allowed the company to slash prices of the range-topping Ioniq 5 Exclusive by 70,000 baht (RM8,900).
As such, the car now retails at 1,829,000 baht (RM232,900), down from 1,899,000 baht (RM241,700); the base Premium holds steady at 1,699,000 baht (RM216,300). We should point out that the Ioniq 5 is still fully imported from South Korea; local assembly at the new Samut Prakan plant is only due to start in 2026.
The Exclusive is in a middling long-range specification not offered in Malaysia, with a more powerful rear motor producing 217 PS (160 kW) and 350 Nm of torque. This is paired with the largest available battery with a capacity of 72.6 kWh, delivering a WLTP-rated range of 481 km. Thailand misses out on the all-wheel-drive model, which is badged Max in Malaysia and comes with 305 PS (225 kW), 605 Nm and a range of 430 km.
Meanwhile, the Premium is broadly similar to our Lite, with a lower power output of 170 PS (125 kW), along with a smaller 58 kWh battery offering up a shorter 384 km of range. In that sense, Malaysia is a bit more fortunate, because the Lite is slightly cheaper at RM207,808 tax-free.
The incentives are part of Thailand’s EV 3.5 project, which Hyundai has contributed with a commitment to invest 1 billion baht (RM127 billion) into the local assembly of EVs and batteries. More importantly, the company plans to source at least a third of its required raw materials and parts from within the Land of Smiles – a relief for parts makers battered by unintended consequences stemming from the country’s EV push.
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