All-Electric Hyundai Ioniq Could Cost Less Than P2 Million

Hyundai Asia Resources, Inc. (HARI) put on display an all-electric version of the Hyundai Ioniq at the 6th Philippine Electric Vehicle Summit held at the SMX Convention Center this week. HARI has already announced at the Manila International Auto Show (MIAS) last April that it will launch the Ioniq hybrid in the Philippines, but releasing an all-electric version is a new announcement.

The Philippine government gives excise tax discounts to electric vehicles under the Tax Reform for Acceleration and Inclusion (TRAIN) Law to encourage industries to uphold more environmentally friendly measures in their operations, and so the Ioniq hybrid is set to receive a 50 percent less excise tax. Meanwhile, the all-electric version would be eligible for a full excise tax exemption.

Thanks to this possibility, Hyundai is targeting a PHP1.9 million price tag for the Hyundai electric vehicle (EV). As for the hybrid, it is slated to cost just a hair under PHP1.5 million pending the government's final decision on hybrid certification.

The Hyundai EV is a front-wheel driver that delivers 118 hp and 295 Nm of torque. The lithium-ion polymer batteries are good for 360 volts and 28 kilowatt hours. At full charge, the Ioniq EV can run for 200 kilometers, as per US Environment Protection Agency (EPA) estimates.

The TRAIN Law's excise tax discounts on EVs, along with fuel stations starting to offer EV charging, have emboldened car manufacturers like Hyundai to begin introducing hybrids and EVs into the country. Hyundai has not yet announced a timeline for the Ioniq EV's release.