South Korea’s Hyundai Motor Co HYMTF on Monday revealed the pricing of its soon-to-be-launched electric crossover utility vehicle Ioniq 5 in the United States.
What Happened: The most affordable variant of the Ioniq 5 line will go on sale at a starting price of $33,200, which includes a $7,500 federal incentive, for a 58kWH battery option and a 220-mile range.
The top-end variant with a limited edition will be priced at $47,000, including the federal incentive.
Hyundai is offering a total of seven variants for the electric crossover — of which two are limited editions. The variants are a mix of a smaller 58kWH and the larger 77.4 kWh battery pack.
This is Hyundai’s first electric car built from a dedicated electric vehicle platform.
The automaker said the Ioniq 5, which goes on sale in December, would allow owners to charge their vehicle from 10% to 80% in just 18 minutes. Hyundai is also throwing in unlimited 30-minute charging sessions for two years on Electrify America’s chargers.
See Also: Hyundai Commits $7.4B To Make Electric Vehicles In US
Why It Matters: The Korean automaker earlier this year said it would spend $7.4 billion by 2025 to make electric vehicles, upgrade production facilities, and further fund smart mobility solutions in the United States.
The subsidiary will begin electric-vehicle production in 2022 at its Alabama manufacturing facility.
Hyundai is among a growing breed of legacy automakers alongside General Motors Co GM and Ford Motor Co F, which are rushing to switch to electric vehicles and take a slice of the market currently dominated by Tesla Inc TSLA.
Price Action: Hyundai’s OTC stock closed 0.51% lower at $40.68 a share on Monday.
Photo: Courtesy of Hyundai
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