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SINGAPORE – Hyundai electric cars made in Singapore will initially be for the local market, with export plans later.
Referring to the Hyundai Motor Group Innovation Center in Jurong, a Hyundai spokesperson said: “Products built at the innovation center will first be offered to customers in Singapore. Hyundai Motor Group will review expansion plans to other markets at a stage. later”.
Observers estimate that Hyundai’s next plant, with an annual capacity of up to 30,000 cars, will have to export, as the Singapore market is unlikely to be able to absorb all the vehicles it will produce.
Teo Hock Seng, CEO of Hyundai’s agent Komoco, said it aims to sell 5,000 to 6,000 electric cars a year. The figures are higher than Komoco’s average annual sales volume since its formation 30 years ago.
The Straits Times understands that models to be assembled here may include the Ioniq 5, a mid-size electric crossover based on the Hyundai Concept 45 that will be launched in South Korea next year; and the yet to be announced Ioniq 3 electric compact crossover.
Production of the Ioniq 5 will begin in late 2022, while the Ioniq 3 is expected to be produced in 2025.
Motorists who expect Singapore-made cars to be significantly cheaper than imported ones may be disappointed.
Industry watchers said Hyundai’s plant is an assembly facility and not a manufacturing facility. As such, it would have to import practically all the parts and components needed to make a car.
All vehicle taxes will continue to apply.
However, one potential advantage is Hyundai’s battery-as-a-service business model.
The South Korean company said it will explore this concept, which allows consumers to buy a battery-free electric car and then lease the cells from Hyundai. And since the battery represents half or more of the cost of an electric car, this concept can reduce the purchase cost substantially.
Meanwhile, Hyundai said customers will be able to purchase and customize their vehicles on their phones. Once an order is confirmed, production will begin.
Hyundai is partnering with Nanyang University of Technology to, among other things, find ways to facilitate “smart personalization” functions that allow customers to personalize their cars.
Hyundai said: “Once the car is ready for delivery, it will be transferred to a 620m Sky Track, where the customer can test it out.”
The Sky Track will be located atop the seven-story facility.
Hyundai said it will employ several advanced manufacturing and logistics systems, including artificial intelligence, the internet of things and robotics.
This will result in a “highly automated work environment … safe and efficient”.
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