Hyundai managed to sell nearly 23,000 units of the Ioniq 5 in the US last year but this year it will be a much tougher task to achieve. Neither Ioniq 5 or Ioniq 6 qualify for the $7,500 federal EV credit which puts both the cars at a disadvantage. You’d think that Hyundai would go ahead and slash the prices but instead, the company is putting the prices up.
The entry level Ioniq 5 with the smaller, 58.2 kWh battery pack, costs now $42,785 with destination charge included. That makes it a whopping $9,360 more expensive than it was when it went on sale in the Spring of 2022.
|Model||New Price||Battery||EPA Range|
|2023 Hyundai Ioniq 5 SE SR RWD 19-inch||$42,785||58.2 kWh||220 miles (354 km)|
|2023 Hyundai Ioniq 5 SE RWD 19-inch||$46,835||77.4 kWh||303 miles (488 km)|
|2023 Hyundai Ioniq 5 SE AWD 19-inch||$50,335||77.4 kWh||266 miles (428 km)|
|2023 Hyundai Ioniq 5 SEL RWD 19-inch||$48,785||77.4 kWh||303 miles (488 km)|
|2023 Hyundai Ioniq 5 SEL AWD 19-inch||$52,285||77.4 kWh||266 miles (428 km)|
|2022 Hyundai Ioniq 5 Limited RWD 19-inch||$53,935||77.4 kWh||303 miles (488 km)|
|2022 Hyundai Ioniq 5 Limited AWD 20-inch||$57,835||77.4 kWh||266 miles (428 km)|
As you can see from the above table, the price difference between RWD and AWD models is $3,500 with the exception of the Limited trim where that difference is $3,900. The price difference between the smallest battery and the standard 77.8 kWh pack is $4,050 and some people will think hard whether the extra 180 miles of range is worth the extra money.
The ranges given in the table are estimates from Hyundai since the EPA certification is ongoing. According to the company though, the EPA range will be higher than the predictions thanks to much higher drivetrain efficiency - we’ll have to wait to see the results.
Hyundai went as far as releasing this helpful table below that lists all the changes between the 2022 and 2023 models. Interesting bit is the increased towing capacity by 650 lbs up to 2,300 lbs (1,043 kg) for all the Ioniq 5 versions powered by the larger 77.8 kWh battery pack.
Hyunday has one heck of a fight on its hands, without qualifying for the EV tax credit the company has to rely on its brand image to sell its electric cars. It’s not gonna be easy with the competition growing as fast as it is. At the same time it’ll be interesting to see how important is the EV tax credit for the buyers when it comes to choosing an electric car.
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