Yahoo Finance The Hyundai IONIQ 5 EV is Now Made in Singapore: Here’s How Much You Can Save
As car owners, it can be hard to reduce our carbon footprint — but not anymore. Electric vehicles (EVs) are the way towards a cleaner and greener future as the world fights climate change.
EVs produce zero emissions, which means they don’t contribute to air pollution or greenhouse gas emissions that are causing climate change. And unlike traditional cars that rely on fossil fuels, EVs run on electricity that can be generated from renewable sources such as solar, wind, and hydro power. Besides, with an EV, there’s no need to pump petrol, which is so expensive now. Plus, you get to save time too!
Another benefit of EVs is their efficiency and lower operating costs. EVs have fewer moving parts than traditional cars, which means they typically require less maintenance and possibly have a longer lifespan. Driving in one is also super smooth (and did we mention, silent?). The instant torque and acceleration are impressive.
EVs in Singapore are also becoming more accessible as the government tries to encourage more to make the switch.
The perks of being an EV owner in Singapore
The Singapore government announced in 2020 about becoming more EV-friendly as a nation as part of its Green Plan. By 2030, the aim is to have 60,000 electric vehicle charging points island wide. We’re already seeing some progress there with one in three HDB carparks expected to be fitted with charging points by end 2023.
There are also various incentives for car buyers to encourage uptake of EVs. Here are some according to the Ministry of Transport:
Timeframe | Incentive | |
Tax incentives and rebates | 1 Jan 2021 – 31 Dec 2023 | EV Early Adoption Incentive (EEAI) – those who register fully electric cars will receive a 45% rebate off the Additional Registration Fee (ARF), capped at $20,000 |
1 Jan 2021 – 31 Dec 2023 | Enhanced Vehicular Emissions Scheme (VES): those who register cars or taxis during this period can get a $15,000 rebate for cars in Band A2; $25,000 rebate for cars in Band A1. All EVs sit in the A1 band. More VES updates to be made in 2024. | |
1 Jan 2022 – 31 Dec 2023 | ARF floor will be lowered from $5,000 to $0 for fully electric cars | |
1 Jan 2022 | Road taxes for fully electric and petrol electric cars will be reduced by up to 34% for those with cars in the 90-230kW range | |
EV charger deployment | 2030 | 60,000 EV charging points at public carparks and private premises by 2030 |
Owning an EV vs a petrol car
So…Is owning an EV really worth it? We know that getting a car is a big investment, so we’ve done a basic comparison based on 12,000km mileage a year.
Hyundai IONIQ 5 (Cat A COE) | A similar petrol car | |
VES rebate | $25,000 | $0 or penalty |
EEAI rebate | $20,000 | N/A |
Yearly maintenance/servicing cost | $0 (free for 10 years) | Ranges from $300 to $1,000 |
Yearly charging/petrol cost | $906 with 50kW DC charging at $0.50/kWh (Receive free charging credits for the first year or a free home charger) | $2,640 with RON95 fuel at $3.00 per litre. |
If you’re sitting on the fence…
We know that making the switch may not be easy especially if you’ve been driving for years, or you may just be particularly attached to your car.
Some concerns may be about charging availability and having to change your driving route just to find a charger. Then there may be concerns about maintenance costs and the durability of the battery over time.
While the benefits of reduced emissions and lower operating costs are appealing, there are still some questions about the convenience and practicality of owning an EV that need to be addressed.
Here’s where Hyundai’s new EV, the Hyundai IONIQ 5, comes in.
Hyundai IONIQ 5 — a hassle-free EV ownership experience that’s made in SG
Well, these challenges haven’t gone unnoticed by Hyundai, which is why its new IONIQ 5 is designed to help car owners transition to EVs much more seamlessly. Plus, there are added benefits on top of those by the government to make the transition easy for consumers.
The award-winning Hyundai IONIQ 5 is now built in Singapore in a state-of-the-art factory, which ensures the highest quality standards of your EV. Coupled with the above EV ownership programme designed for new IONIQ 5 owners, Hyundai believes that the IONIQ 5 will be the best and smartest choice for consumers.
Here are three key offerings of Hyundai’s EV ownership programme for new IONIQ 5 owners:
1. Tailored charging solutions according to your needs (worth $2,000)
One of the hassles of getting an EV is finding a place to charge your car when the government is still in the process of installing charging points. Buyers of the Hyundai IONIQ 5 can pick one of these options:
A free home charger (7.4kW AC charger) which will be installed for you
1 year on-demand free charging where a mobile charging vehicle will go to you and charge your vehicle for you
Free charging credits of $2,000 with charging partner
2. Complete care for your EV over its lifespan
Hyundai IONIQ 5 owners will get 10 years of battery warranty, 10 years free servicing and maintenance at the region’s first Hyundai EV dedicated workshop — Komoco Motors. This is probably one of the best deals we’ve seen for vehicles anywhere!
3. EV management at your fingertips
You can also use a dedicated app, the IONIQ Care+ app, to monitor your car’s battery health and usage patterns, locate over 1,500 charging stations, parking locations, book service appointments, renew insurance, among others.
The Hyundai IONIQ 5 is available in 4 colours (Midnight Black Pearl, Titan Grey Metallic, Optic White and Magnetic Silver Metallic).
Battery types: Standard Range 58 kWh or Long Range 77 kWh
4 trim options:
RWD Standard Range ‘Exclusive Trim Model’ (COE Category A)
RWD Standard Range ‘Prestige Trim Model’ (COE Category A)
RWD Long Range ‘Prestige Trim Model’ (COE Category B)
AWD Long Range ‘Inspiration Trim Model’ (COE Category B)
Refer to full specs of trims here.
Is the Hyundai IONIQ 5 EV the right car for you?
Making the switch to an EV is likely to come in the near future. With Hyundai’s EV ownership programme, owning an EV is so much more convenient. Combined with the existing incentives and initiatives by the government, Hyundai is going the extra mile to make EV ownership even more attractive, which is great for a greener world, and for our wallets with the cost savings.
Buying the Hyundai IONIQ 5 may be the smartest choice you can make if you’re in the market for an EV. On top of the benefits you can get with purchasing it, the IONIQ 5 has also won countless awards since its launch to global acclaim.
If you’re keen, you can now buy one that is manufactured in Singapore, for Singaporeans. Visit https://www.hyundai.com/sg/sales/configuration to place your order now.
This post was written in collaboration with Hyundai. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
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