South Korea’s leading automaker Hyundai Motor is set to debut the pure electric version of the Ioniq next month at the International Electric Vehicle Expo 2016 in Jejudo Island, following the launch of the Ioniq hybrid in January.

The green car expo is scheduled to take place at the International Convention Center Jeju from March 18-24.

Hyundai has also begun receiving preorders of its new electric vehicle in Jeju, as part of a government-led program to subsidize some 4,000 electric vehicles that are being sold to island residents on a first-come-first-served basis until March 4.

Set to begin official sales in June, the Ioniq Electric is able to travel more than 169 kilometers on a single battery charge, the longest among electric vehicles being sold in Korea.

Equipped with a motor able produce up to 120 horsepower, the vehicle can accelerate up to 165 kilometers per hour, enabling a dynamic driving experience previously unseen in existing electric vehicle models, according to Hyundai Motor.

The Ioniq Electric is officially priced at 40 million won ($32,400), which is in the lower price range compared to other competing electric vehicle models in Korea. For those in Jeju, the vehicle is even cheaper due to the government subsidies.

With a 12 million won subsidy from the Environment Ministry and 7 million won from the regional government, Hyundai’s new electric vehicle can be purchased for about 20 million won in Jeju, a region at the center of Korea’s push towards green driving.

On the back of its success in Jeju, Hyundai Motor has its sights set on selling 4,000 units of the Ioniq Electric this year to capture about 50 percent of Korea’s entire electric vehicle market.

“As the only brand-new electric vehicle model offered at this year’s government-led electric vehicle sales in Jeju, Hyundai Ioniq Electric is set to enjoy high popularity given its excellent performance and price competitiveness,” said a company official.

By Sohn Ji-young (jys@heraldcorp.com)