South Korean automaker Hyundai Motor has debuted its all-electric Ioniq 5 in hope of catching up with EV leader Tesla, but its ambitious plan could fizzle out this year with delayed production and rapidly drying-up state subsidies, and more recently its labor union’s opposition to its massive investment in the US.
Hyundai Motor has received about 43,000 preorders for the Ioniq 5 since Feb. 25 but just 114 units were delivered in the first month of its domestic launch in April, according to industry data.
The automaker planned to build 10,000 units last month, but it rolled out only 2,600 units as its Ulsan production line on the southeastern coast was suspended for a week in early April due to a lack of traction motors, an essential part for battery-powered vehicles, reports Yonhap news agency.
