With Ioniq, Hyundai now has the most affordable hybrid in PH
At the Manila International Auto Show, Hyundai Asia Resources, Inc. (HARI) announced that they have plans to introduce the Ioniq hybrid into the Philippine market.
Despite the new pricing brought by the excise tax, Hyundai Asia Resources, Inc posted competitive sales figures in the first quarter of 2018. As such, sales slowed down by just 1.2% compared to the same period last year.
Given the 50% excise tax discount under the new tax reform law, the Ioniq hybrid will be offered at a price of just under PhP 1.5 million once the government finalizes their methodology for certifying hybrids.
But that’s not all they have planned. During the EV Summit, Hyundai displayed a different version of the Ioniq, and it’s the all-electric version that would be eligible for a full exemption on excise tax.
We can thank the new tax reform law for some interesting new cars this year, opening the playing field when it comes to hybrids and possibly even electric vehicles.
There is no firm timeline yet from Hyundai regarding the market launch of the Ioniq EV. When Hyundai does offer the Ioniq Electric for sale, it could be the first electric vehicle from one of the top 5 volume car brands in the Philippines in terms of sales.
The Electric is the most advanced version of the Ioniq line. The motor drives the front wheels and is good for 120 PS and 295 Nm of torque. The batteries are made of lithium-ion polymer (LiPo), delivers 360 volts, and has a capacity of 28-kilowatt-hours. The US EPA estimates the range of the Ioniq Electric at 124 miles (about 200 kilometers) on a full charge.
The lack of charging stations and the prohibitively high prices that EVs would have fetched pre-TRAIN wouldn’t have allowed car manufacturers to introduce EV models into the country. Slowly that is changing given the excise tax exemption under TRAIN, as well as the foray of fuel stations into EV charging.