Hyundai: No new EVs planned for Malaysia beyond Ioniq N lineup

Hyundai Motor Malaysia (HMY) has recently confirmed that the Hyundai Ioniq 6 N and Ioniq 5 N are on their way to our market. However, this does not mean EVs are already back on Hyundai’s menu for Malaysia.

Similar to what we reported last July, the company once again indicates that it is still waiting for the right time to come back into the EV space. In general, the Ioniq 6 N and 5 N are coming to Malaysia not because they are EVs but because they are some of the best products that the Korean automaker has produced recently and represent some of Hyundai’s main ethos.

“This is about bringing the confidence of Hyundai to Malaysia. These (Ioniq N) models represent not only…I would say the legacy of Hyundai per se, but also the confidence of performance, quality and many more other things.

Of course, the rest of the EV, as Mr Eric (HMY’s President) mentioned, we have the lineup, but when to bring, how to bring – it’s still a question mark that we need to deliberate with.” – Jahabarnisa Haja Mohideen, Managing Director, Hyundai Motor Malaysia.

In general, the EV market in Malaysia is currently going through a transitional year, as fully imported (CBU) EVs are no longer exempt from import and excise duties as well as road tax. In addition to that, the government has also set a new floor price of RM250,000 for CBU EVs alongside a minimum power output of 200kW (268hp).

This will definitely have a huge impact on both of these Ioniq N models. Case in point: the Ioniq 5 N already cost more than RM300k when a few lucky customers were able to purchase it through special order via Hyundai Sime Darby Motors (HSDM) back in 2024, and that was during the EV tax holiday period.

So, are we looking at around half a million Ringgit price point for Ioniq 6 N and Ioniq 5 N? Well, we shall know the answer in Q2.