Hyundai Motor introduces budget-friendly EV trim amid market slowdown

Hyundai Motor launched the ‘E-Value +’ trim for the IONIQ 5, IONIQ 6, and Kona Electric, priced in the 30 million won range. [Courtesy of Hyundai Motor Co.]

South Korean automaker Hyundai Motor Co. has introduced an affordable new trim priced above 30 million won ($22,400) after subsidies.

The company unveiled Tuesday the E-Value+ trim, which offers a lower-cost option by reducing some features. This new trim is available for three models: the Kona Electric, Ioniq 5, and Ioniq 6.

The E-Value+ trim aims to make EVs more accessible.

The Ioniq 5 E-Value+ is priced at 47 million won with this new trim, down from the previous lowest price of 49.9 million won with the Exclusive trim. The Kona Electric is available for about 41.42 million won, about 2 million won less than the earlier entry-level trim priced at 43.52 million won.

The Ioniq 6 E-Value+ is priced at 46.95 million won, roughly 2.5 million won cheaper than before.

With subsidies, these models can be bought for under 40 million won.

Driving performance remains unchanged, according to the automaker.

The Ioniq 5 offers a range of 368 kilometers, the Ioniq 6 367 km, and the Kona Electric 311 km on a single charge.

“The E-Value+ trim offers a practical solution by expanding choices and making EV ownership more accessible, reflecting our commitment to meeting diverse customer preferences,” Hyundai Motor said.