Hyundai Ioniq 5 and Kona Prices Rise by Tens of Millions Without Incentives

KatadataOTO – The prices of two Hyundai electric cars, the Ioniq 5 and Kona Electric, have increased by tens of millions as of February 2025 compared to last month's price tag. 

Based on KatadataOTO's findings, the price of the Ioniq 5 on Hyundai's official website has been raised by Rp 70 million-Rp 80 million. Meanwhile, the Kona Electric's price has increased in the range of Rp 50 million to Rp 60 million.

This is despite both models having received electric car incentives from the government, as they are locally assembled and meet the requirements for TKDN (Local Component Level).

In response, Hyundai explained that the figures listed on the official website as of February 2025 do not yet include tax subsidy deductions.

Photo : TrenOto

“Because we are still waiting for regulations from the government. So, the price displayed on the web right now is the price without deductions,” said Fransiscus Soerjopranoto, Chief Operating Officer of PT HMID (Hyundai Motors Indonesia) in Lampung, Thursday (6/2).

It should be noted that as of February, a 12 percent VAT (Value Added Tax) is in effect, up from the previous 11 percent. The government's previous incentive for electric cars was 10 percent, so consumers only had to bear one percent.

Hyundai is still waiting to see if the incentive amount will be adjusted so that consumers continue to pay one percent of the VAT, or if it will be two percent following the VAT increase.

“We are waiting for what the government will announce. If I recall, last year it coincided with IIMS, and the regulation was issued shortly after. IIMS is next week, let's just wait and see if it's before the exhibition,” Frans affirmed.

He emphasized that until the policy is issued, they will not list the prices of the Ioniq 5 and Kona Electric after tax deductions.

Photo : KatadataOTO

For your information, the Ioniq 5 is available in four variant options. The lowest Standard Range type was sold for Rp 713 million last month, but in February 2025 it is listed at Rp 789.6 million, an increase of Rp 76.6 million.

The highest increase is for the Prime Long Range type, from Rp 750.4 million to Rp 831.1 million, an increase of about Rp 80.7 million.

The Kona Electric also experienced price increases for all variants. The highest type, the Kona Electric N Line, is offered at Rp 673.1 million, raised by Rp 64.6 million from January 2025.