Wednesday, July 24, 2024

2023 Hyundai Ioniq 5 electric crossover gets $1500 price increase across the range

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The Hyundai Ioniq 5 is one of the most popular electric vehicles around the world, including in the US. However, if you’re going to buy it now, you’ll have to pay more as Hyundai has announced a 3.6 percent price increase across the Ioniq 5 lineup.

The current base price (including destination charges) for the Ioniq 5 in the US is $42,745, or $1,500 more than before. The Ioniq 5 SE model, which uses more battery capacity and range, now starts at $46,795.

Meanwhile the SEL trim level was only up around $1,200, to $46,250. For the all-wheel drive Ioniq 5 Limited, the new price is $57,795, up 2.7 from the previous price of $56,295.

Hyundai itself did make some changes for the 2023 model year — and the all-wheel-drive model gets a range boost. Hyundai estimates a range of 266 miles—a 10-mile increase from the 2022 model—with a combined efficiency rating increase of 98 MPGe (110 MPGe city, 87 MPGe highway).

Maximum towing capacity has also been increased from 1,650 lb to 2,300 lb. And battery heating systems and battery preconditioning functions are now standard, meaning that peak extreme weather efficiency can be increased and peak fast charging rates may be more accessible.

It’s also worth noting that because assembly is not done in the United States, the Hyundai Ioniq 5 doesn’t get the $7,500 federal tax credit that buyers appeal to. If the price increase is combined with the absence of federal aid, the Ioniq 5 could be $9,000 more expensive than before and could have an impact on the popularity of the electric crossover.

Other vehicles that no longer meet the requirements of the modified Tax Credit (because they are assembled overseas) are the BMW i4, Kia EV6, and Toyota bZ4X.

Hyundai plans to assemble their electric vehicles in the United States, building a factory in the state of Georgia where it requires an investment of about $5.5 billion. Construction of the plant will begin next year and the first vehicle is targeted for launch in 2025. The plant will build a wide range of EVs for the North American market with a production target of 300,000 vehicles per year.

Hyundai Ioniq 5 powertrain selected as one of 2022 Wards 10 Best Engines and Propulsion Systems

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