Thursday, 28th September 2023

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If electric cars don’t sell… Hyundai Motor Company “Free charge for 1 year”

Lowering installment interest rates and expanding discounts

Hyundai Motor supports electric vehicle charging costs and sells millions of won at a discount. It is a desperate measure that was put forward when demand fell.

According to the automobile industry on the 17th, Hyundai Motor Company provides up to 1.6 million credits (1 credit = 1 won) when customers purchase electric vehicles such as the Ioniq 5 and Ioniq 6 using E- Finance, a financial product exclusively for electric vehicles.

1.6 million credits is the amount that can be charged for about a year and a half (based on driving 15,000 km per year) when purchasing an Ioniq 5 Long Range 2WD (20-inch tires, fuel efficiency 4.9 km/㎾h). When purchasing Ioniq 5, Ioniq 6, and Kona Electric, 800,000 credits are given as standard, and an additional 400,000 to 800,000 credits are given먹튀검증 when using new car installment, lease, or rental.

E- finance also lowered the installment interest rate from 5.7% to 4.7% (based on 36 months). Currently, among the models sold by Hyundai, only the Avante, Kona (gasoline), and electric vehicles apply an interest rate of 4% or less.

Inventory discounts further widened the range. Ioniq 5 and Ioniq 6, which were produced at the end of last year, are discounted by 4 million won. In June, the discount amount was 2.5 million won, but it was increased by 1.5 million won. If you purchase the 56 million won Ioniq 6 Exclusive made in December last year in Seoul, you can buy a car for 43.4 million won, including 8.6 million won in subsidies from the national treasury and local governments.

A discount of 3 million won for production from January to March and 2 million won for production from April to May are given. Electric cars produced in June are discounted by 1 million won.

The reason why Hyundai Motor Company brought out such exceptional benefits is that the degree of sluggishness has recently worsened. Sales of the Ioniq 5 this year were 10,854 units, down 40.4% from the previous year, and sales in July also decreased by 56.5% compared to the same period last year. Sales of the Genesis G80 (electronic model), GV60 , and GV70 (electronic model) also decreased by 57.0%, 31.2%, and 15.6% year-on-year, respectively.

The Ioniq 6, which was released in September last year, and the Kona Electric, which was released in May this year, are also struggling. Sales of the two cars in July decreased by 0.6% and 64.2%, respectively, compared to the previous month.

Porter Electric is the only one that is doing well among Hyundai’s electric cars. Porter Electric sold 18,880 units by July this year, up 53.9% from the previous year when it was 12,264 units.

Hyundai Motor requested major suppliers of electric vehicle parts to reduce parts production by 15-20% from this month to September. It is an industry view that it is unusual to request a supplier to reduce parts production in the domestic electric vehicle market, which has been growing every year.

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