Hyundai Motor’s EV IONIQ 5N makes U.S. debut

IONIQ 5N. [Courtesy of Hyundai Motor Group]

Hyundai Motor’s high-performance electric vehicle, the IONIQ 5N, made its debut in the United States. The company began exporting the new model worldwide in late 2023 and plans include the United States, the world’s largest market for high-performance EVs, on the list.

Hyundai Motor America announced on Tuesday (local time) that the IONIQ 5N would be available for sale at 86 million won ($66,100), with an additional $1,375 delivery charge. The launch price in the United States is about 10 million won higher compared to South Korea., the country where it first launched.

Hyundai unveiled the IONIQ 5N for the North American market for the first time at the LA Auto Show in November 2023. The car was hailed as a culmination of Hyundai Motor Group’s accumulated electric vehicle core technology, leading to high expectations for its launch in the North American market.

Meanwhile, Hyundai Mobis plans to double its overseas facility investment in 2024 compared to the previous year. The auto part manufacturer under Hyundai Motor Group is emerging as a key player in cost reduction for global electric vehicle manufacturers.

With a historically high reliance on Hyundai Motor and Kia, Hyundai Mobis is intensifying its efforts to expand into business with non-affiliated companies amid the era of electrification.

According to the company’s business report for 2023, released on Wednesday, the company plans to invest a total of 3.18 trillion won in both Korean and international facilities and equipment in 2024. This marks a 69 percent increase compared to the 1.88 trillion won invested in facilities and equipment in 2023.

Hyundai Mobis also plans to invest 1.18 trillion won in Korean corporations and 1.99 trillion won in overseas corporations in 2024, up 35 percent and 99 percent from a year ago respectively.