Hyundai is halting IONIQ 5 and Kona EV production in Korea for the fourth time this year
For the fourth time this year, Hyundai is temporarily halting EV production in Korea. Starting June 25, Hyundai will suspend output on a line at its Ulsan Plant dedicated to building the IONIQ 5 and Kona Electric.
Why is Hyundai halting EV production in Korea again?
After pausing production at its Ulsan Plant 1 in Korea in February, April, and May, Hyundai is set to do it again in June.
According to industry sources, Hyundai will halt production on Line 2 at its Ulsan Plant 1, which produces IONIQ 5 and Kona EV models. The suspension begins on Wednesday, June 25, and will last for only three days, ending on June 27.
Although some believe it’s a sign of slowing demand for electric vehicles, Hyundai may simply be adjusting its inventory.
Like most of the industry, the Hyundai Motor Group, including Kia, is competing for its share of the global market against low-cost competitors like BYD, which is quickly expanding overseas. The news comes after a report on Wednesday claimed BYD is also slowing production in China.
Exports of the popular IONIQ 5 declined 69% last month to 2,449 units, down from nearly 8,000 in May 2024. Kona EV exports also fell sharply to 234 units, representing an 83.3% decrease from last year.
In Europe, Hyundai and Kia’s vehicle registrations are down 5%through May compared to the same period last year.
Although Hyundai and Kia’s exports to the US were down 21.5% last month to 77,892 units, it’s likely due to local production coming online.
Hyundai celebrated the grand opening of its massive new EV plant in Georgia earlier this year, Hyundai Motor Group Metaplant America (HMGMA). Hyundai has been building the new 2025 IONIQ 5 at the facility since last year, while its first three-row electric SUV, the IONIQ 9, joined it in March.
The new facility is capable of producing up to 300,000 vehicles a year, but capacity could be expanded to around 500,000 if needed.
Hyundai’s electric vehicles remain among the most affordable and efficient EVs available in the US. The new 2026 Hyundai IONIQ 9 starts at $60,555 with a range of up to 335 miles. Like the new IONIQ 5, Hyundai’s three-row electric SUV features a built-in NACS port, allowing it to charge at Tesla Superchargers.
The upgraded 2025 Hyundai IONIQ 5, now with a range of up to 318 miles and an improved style both inside and out, starts at $42,500.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* | Monthly lease price June 2025 |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 | $179 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 | $199 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 | $209 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 | $309 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 | $249 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 | $259 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 | $359 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 | $299 |
After Hyundai cut lease prices last month, you can now snag the 2025 IONIQ 5 for as little as $179 per month. The IONIQ 9 is listed for lease starting at $419 per month. Both are still eligible for the $7,500 federal tax credit, as long as it remains in effect.
To throw in a little extra, Hyundai is offering a free ChargePoint Home Flex Level 2 charger with the purchase of any new 2026 IONIQ 9 or 2025 IONIQ 5.
Looking to test one out for yourself? We can help you get started. You can use our link to find Hyundai IONIQ 5 and IONIQ 9 models in your area.
Source: Newsis
FTC: We use income earning auto affiliate links. More.
Environment
Bloom Energy shares soar more than 30% after striking deal with Brookfield to provide fuel cells to AI data centers
Environment
JPMorgan Chase says it will invest $10 billion into industries critical for national security
JPMorgan Chase on Monday said it is launching a decade-long plan to help finance and take direct stakes in companies it considers crucial to U.S. interests.
The bank said in a statement it would invest up to $10 billion into companies in four areas: defense and aerospace, “frontier” technologies including AI and quantum computing, energy technology including batteries, and supply chain and advanced manufacturing.
The money is part of a broader effort, dubbed the Security and Resiliency Initiative, in which JPMorgan said it will finance or facilitate $1.5 trillion in funding for companies it identifies as crucial. It said the total amount is 50% more than a previous plan.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” JPMorgan CEO Jamie Dimon said in the release.
As the biggest American bank by assets and a Wall Street juggernaut, JPMorgan was already raising funds and lending money to companies in those industries. But the move helps organize the company’s activities around national interests at a time of heightened tensions between the U.S. and China.
On Friday, markets tumbled as President Donald Trump announced new tariffs on Chinese imports after the major U.S. trading partner tightened export controls on rare earths.
In the release, Dimon said that the U.S. needs to “remove obstacles” including excessive regulations, “bureaucratic delay” and “partisan gridlock.”
JPMorgan said that within the four major areas, there were 27 specific industries it would look to support with advice, financing and investments. That includes areas as diverse as nanomaterials, autonomous robots, spacecraft and space launches, and nuclear and solar power.
“Our security is predicated on the strength and resiliency of America’s economy,” Dimon said. “This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand and advancing technologies like semiconductors and data centers.”
The bank said it would hire an unspecified numbers of bankers and create an external advisory council to support its initiative.
This story is developing. Please check back for updates.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024