Hyundai Motor debuts made-in-Vietnam electric vehicle

Hyundai Thanh Cong Vietnam, a joint venture between South Korea’s Hyundai Motor and Vietnam’s TC Group, unveiled its IONIQ 5 electric vehicle (EV) on Monday.

The release marks Hyundai’s first high-tech EV to be made in Vietnam, paving the way for Hyundai to bring more EV models to the country and build a developed eco-system for EV users.

The vehicles, priced at VND1.3-1.45 billion ($54,900-61,260) including VAT, are produced at the firm's Hyundai Thanh Cong factory No.2 which came into operation in late 2022 in Gian Khau Industrial Park, the northern province of Ninh Binh.

The IONIQ 5 in Vietnam is available with two specifications. The IONIQ 5 Prestige has a 72.6-kWh battery and can travel 451 kilometers per Worldwide Harmonised Light Vehicle Test Procedure (WLTP) standards. The IONIQ 5 Exclusive has a 58-kWh battery and can go 384 kilometers per WLTP standards.

With a 350-kW charger, the IONIQ 5 can charge from 10% to 80% in just 18 minutes, meaning IONIQ 5 drivers only need to charge their vehicle for five minutes to get 100 kilometers of range, according to the WLTP.

Hyundai Thanh Cong Vietnam aims to expand its charging network in Vietnam to 80% of all provinces and cities in 2024.

Prior to the IONIQ 5, the EV market in Vietnam already featured many prominent names. In June, Vietnamese electric vehicle (EV) maker VinFast rolled out its first mini electric car, the VF 3, in the domestic market. The VF 3 is the first mini car model researched and developed by VinFast based on the characteristics and driving habits of Vietnamese consumers, the company said. VinFast will start taking VF 3 orders in September and plans to make deliveries in the third quarter of 2024.

In May, Vietnam’s TMT Motors debuted its first mini EV under Chinese brand Wuling HongGuang. The vehicle is manufactured at TMT Motors’ factory in the northern province of Hung Yen. The factory has an annual capacity of 30,000 units in the first phase and 60,000 in the second phase.

In October 2022, Mercedes-Benz debuted the EQS in Vietnam and started taking orders in November 2022. In January 2022, China’s Hongqi launched the Hongqi E-HS9 in Vietnam.

Vehicles sales by members of the Vietnam Automobile Manufacturers' Association (VAMA), which does not include VinFast and Hyundai, dropped 32% year-on-year to 137,327 in the first half of this year. They included 100,277 passenger cars, down 37% year-on-year; 35,851 commercial vehicles, down 11%; and 1,199 special-purpose vehicles, down 65%.

Outside of VAMA, VinFast delivered 3,155 electric vehicles in June, including 609 VF 5 Plus, 1,007 VF e34, 1,184 VF 8, and 355 VF 9 models. Hyundai reported sales of 28,011 units in January-June, up 62% year-on-year, according to a report by TC Group, the manufacturer and official retailer of Hyundai vehicles in Vietnam.