Hyundai started locally producing its IONIQ 6 electric vehicle (EV) in Singapore. Hyundai has been increasing its presence in the East. It has recently initiated plans to produce locally in a few Asian countries.
According to local media reports, Hyundai Motor Company started producing the IONIQ 6 in Singapore on Friday, July 19, 2024. Hyundai already produced the all-electric IONIQ 5 SUV in Singapore.
The price difference between the IONIQ 5 and the imported IONIQ 6 in Singapore hints at the benefits of producing locally. The IONIQ 5 SUV starts at S$186,800 in Singapore. In comparison, an imported version of the IONIQ 6, which is unavailable in the country, starts at S$262,000.
In Singapore, vehicle prices include the cost of a certificate of entitlement (COE), which can range between S$91,889 and S$100,000, depending on the car’s power. Hyundai plans to release four trims of the locally produced IONIQ 6. The expected starting price of the locally produced IONIQ 6 is S$192,150.
The factory producing the Hyundai IONIQ 6 in Singapore is expected to reach an annual production capacity of 30,000 units. The Asian automaker invested S$400 million into its production facility in Jurong, called the Hyundai Motor Group Innovation Centre Singapore.
In addition to Singapore, Hyundai is also kicking off local production in Indonesia. The legacy automaker recently finished constructing its battery plan with LG in Indonesia, enhancing its supply chain there. Hyundai will start its end-to-end EV production in Indonesia with its all-electric Kona.
Hyundai Motor Company is also making moves in India. In early April, Hyundai and its brand Kia were rumored to be researching battery production in India. Last month, Hyundai Motor Company filed for an initial public offering (IPO) in India, estimated to raise nearly $3 billion.
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