Thinking About Buying EV6 or IONIQ 5 Now? Think Again and Wait!
That seems to be just a normal part of car purchasing these days, its even more frustrating, because you have to make yourself fit into a car that you are lucky to find. Rather than buying a car that fits you, price, gouging is rampant and availability is non existent due to production problems as well. The development and release of new models are on standstill all due to the current supply chain issues and political instability around the globe. These are all the factors that make new car purchasing all that much unappealing these days. In this episode, we will explore why everyone should hold back making a car purchasing decision, at least until 2025, for the best availability, selection and price before we go on wed highly appreciate your support by subscribing and turning on the notification bell, if you havent already, and Please dont forget to like comment and vote on the question thats presented at the end of the video as most of the population is aware, its not the most ideal time to purchase not only korean cars and electric vehicles, but all cars in general. Due to the ongoing chip shortage problems and supply chain issues, the automobile industry is taking the biggest hit, as even factories are forced to stop production, despite the fact that the orders are piling up. Also, the materials required for the production of cars are in short supply and therefore the price is skyrocketing. This is more prevalent for electric vehicles, as they require more semiconductors than ice cars and materials needed in the production of the ev.
Batteries such as nickel are taking the worst hit in terms of supply and the price volatility due to the russian ukrainian conflict. Its a fact that russia is not only one of the worlds largest producers of nickel, but also the biggest supplier that can manipulate the prices and supply it will and can continue to cause havoc for a prolonged period of time. Nickel is a key component of the lithium ion battery with the nmc or nickel manganese cobalt chemistry, which is the high end battery currently thats dominating the ev industry and its an expensive mineral. To begin with, that contributes to the high prices of electric cars, which often account for up to 50 of the price of an electric vehicle. Companies like tesla, immediately reacted to the changing situation by increasing the prices of their evs multiple times. In a matter of a few weeks and other companies are following suit, although thankfully koreans are still maintaining ultra competitive pricing, even through tough circumstances, it really doesnt matter in the end as to purchase one would be next to impossible. The current wait time for delivery is now up to 18 months for some of its most popular models, such as the ev6 and the ionic 5, and some models are simply not available with no option to even order them, even if they are listed as active products. For example, not only that the original fan, favorite ionic, electric known for its affordability and efficiency, was discontinued as a result of the arrival of its supposedly replacement ionic 5, which is vastly more expensive and not really available anyway.
Even the ionic hybrid and the ionic plug in hybrid are nowhere to be found anywhere with dealers not being able to place an order. This is once again due to supply chain issues, but more due to production issues with the immense popularity of its products. There just isnt enough capacity to produce all the models and in the quantities that the market is demanding with the current manufacturing operations, which brings us to the first reason to wait to purchase a car after 2025, as production capacity is expected to drastically improve. After this time, the latest report states that there are 1 million units on back order across the board and with the companys aggressive plan to increase the production even further, especially in the production of electric vehicles, which is targeted to achieve 3 million units of sales annually. Between hyundai kia and genesis in the near future, the company simply doesnt have enough capacity to not only satiate the current demand but to facilitate further growth. This is the reason why hyundai is investing 5.5 billion dollars in a new ev plant and battery factory in georgia. To add 300 000 units more to the output as part of the 10 billion overall investment towards electric vehicles and related technologies. Additionally, the korean auto giant will invest 17 billion towards the expansion of ev production capacity in korea to produce additional 1.44 million units annually until 2030.. The expanded production will start in 2025, and when that happens, a steady flow of the products will be very likely.
Also. 2025 will be the year in which entry level electric cars will show a significant reduction in price. This is because new, cheaper lfp batteries will become available to replace the current nmc batteries that use expensive materials that have become even more expensive. Recently, due to events such as the russian ukraine, conflict in lfp or lithium iron phosphate, battery, cheaper iron based chemistry replaces the more expensive, nickel and cobalt based cathodes. Consequently, due to their low cost, the lfp batteries are gaining wide popularity, even despite their critical drawback of low energy density, which takes more space and makes the weight heavier. Lfp is known to pack 30 to 35 percent, less energy than the nmc, but due to the advancement in cell packing technology, this gap is known to be drastically shrinking. A case in point is its use in tesla model 3, where lfp cells rendered only 10 miles or 16 kilometers less in terms of range to 253 miles from 263 miles of the original. However, as small of a difference as it may seem, its actually on par or even better than the cobalt based battery, because lfp batteries can be charged up to 100 state of charge, unlike the nmc batteries that are recommended to only be charged to maximum 90. To maintain its longevity, this means that a typical nmc battery powered ev can actually achieve a longer distance per charge. Furthermore, the fast charging characteristics appear to be as good, if not better, in the case of lfp, which is another advantage along with being longer lasting.
No wonder tesla has equipped 50 of all evs manufactured in china, with lfp batteries and, ultimately planning to convert all of its standard range models worldwide to come with the lfp batteries. Also, even companies like mercedes, benz and vw are adapting the lfp batteries for their entry level models with the lfp cells sourced from chinese battery manufacturers like catl and byd. Naturally, the chinese are currently leading in this field, but koreans who are the world leaders in the nmc batteries are determined not to give away lucrative lfp business to the chinese, in addition to hyundais collaboration with the current leader catl for the development of the lfp batteries, Hyundais leading battery suppliers such as lg and sk are busy at work getting ready to produce lfp batteries. In fact, lg is building an lfp dedicated factory in the us by investing 1.7 billion to produce 20 gigawatt hours of lfp cells annually, which would be operable by the end of the next year and the supply to hyundai for entry level. Electric cars, such as the upcoming ionic, 3 and ev4, will follow subsequently, and for this reason, the introduction of the new, affordable entry models will be delayed until such time that lfp battery production will be in full swing, as there is no other way to substantially reduce The price of entry level, electric vehicles, for example. Currently, there is very little price difference between the smaller 400 volt niro ev and the larger ev6 with the latest 800 volt technology, because the price of the current nmc battery accounts for so much in the proportion to the price of the whole ev as such.
Its. Not surprising that the e nero with a larger 64 kilowatt hours battery actually costs more than the bigger and more advanced ev6 base model, with a smaller 58 kilowatt hours battery. Therefore, it wont be until 2025 and later that hyundai would be able to substantially bring down the prices of its entry level models with the lfp batteries. The eagerly anticipated models, such as the ionic 3 and the ev4 compact crossovers, will also be joined by the ionic 4 and ev3 hatchbacks as the next lfp battery equipped electric vehicles to feature the 800 volt technology, which would be another reason to hold off on purchasing Korean evs, after 2025, when more model choices will be available, but the economical lfp battery is not the only reason why you would wait until 2025 and after to purchase an electric vehicle, affordable entry models such as the kia ev3 and ev4, and the ionic 3 and 4 are only a part of a total of 31 ev models that the koreans are preparing for. The future. Also being developed are models that are at the higher end of the spectrum, such as the genesis gv90, which would be challenging the likes of the mercedes, benz, eqs, suv and range rover electric for the title of the most luxurious and the advanced evs in the world. When its released in 2025 and the key factor for the success is known to be the next generation high density battery, we have previously reported that hyundai has invested 100 million dollars in the battery startup ses for the development of the lithium metal battery, which is the Next generation hybrid battery that takes the advantages of the solid state battery with the highest energy density and the manufacturability of the traditional ion batteries to double the energy density, while keeping the cost of the manufacturing down until the full, solid state battery can be commercialized.
In 2030, the lithium metal battery, which will be produced starting in 2024, will be the most advanced battery available and will be utilized in the high end hyundai motor group, electric vehicles, such as the gv90 and other genesis evs in the future, the kia ev8 luxury electric Sedan rumored to be a successor to the prolific stinger would be another candidate to receive the highly advanced battery when introduced after 2025.. Simply put, there will be so much more choices and selections to choose from by waiting until 2025, with all new models that are being targeted for launch after such time as it will be the first year in which the korean automaker is putting forth its first step Towards complete carbon neutrality by offering only the electric vehicles and the electrified cars. Finally, experts predict that the current state of automotive manufacturing disarray comprised of the high materials cost ship shortage and supply chain issues will continue until 2024, meaning that price instability and supply problems will continue to prevail until such time with normalization to start from 2025 making it. The last, but perhaps most important, reason to wait so, returning to the days long gone when you were able to walk into a dealer to choose from a vast array of available models and buy it at the price that you want seems still long away. However, the future looks to be in a much better shape in just a few years, with the prospect of new technology and new models being readily available to suit everyones needs and prices to meet everyones budget, making the weight all worthwhile.
As for the end of the video question, what would be the best reason for you to wait until 2025 to purchase a new car if you would be inclined to wait at all? Please vote and share your views by clicking on the link in the comment section below or in the description thanks for watching, auto vision, your best source for the fastest korean car news and rumors dont forget to comment like subscribe and click on the notification bell. So as not to miss any of our new videos, it would help the channel greatly if you could view our videos as soon as they are uploaded and watch them all the way until the end, which would help to reach more people also to support our channel. Even further, please join our membership and enjoy the exclusive content and preview of the upcoming episodes. Finally, dont forget to join our forum and share your passion for korean cars. At koreancarnews.com see you next time with the latest korean car to go the news way, but i cant seem to get you out of my head out of my head.