Bought a Hyundai Ioniq 5? Batteries (sort of) not included

Hyundai offers a hefty $63,000 cash discount for the Ioniq 5, bringing the tag down to $138,888.
Hyundai offers a hefty $63,000 cash discount for the Ioniq 5, bringing the tag down to $138,888.PHOTO: HYUNDAI MOTOR

SINGAPORE - Battery-as-a-service or BaaS is among a flurry of newly coined terms in the so-called sharing economy which is sweeping the automotive world.

This is a concept which allows an electric vehicle (EV) buyer to lease the battery as a separate component, thereby removing the single largest cost component from a car's sticker price.

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