Hyundai Motor said on Wednesday it will lower U.S. prices for its 2026 Ioniq 5 electric crossover by up to $9,800, in a move aimed at making the model one of the most affordable EVs in the market following the expiration of the federal $7,500 tax credit.
The company said the price changes “reflect Hyundai’s commitment to affordability and its long-term EV strategy.”
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The entry-level Ioniq 5 RWD Standard Range will now start at $35,000, placing it alongside General Motors’ Chevrolet Equinox EV as a lower-cost option for buyers. Higher trims, including the extended-range SE and SEL, will be priced under $40,000, while the off-road XRT will start at $46,275.
Although the 2026 model year brings no major technical updates beyond a new charging cable and additional color options, Hyundai will continue to offer the $7,500 cash incentive on 2025 models through at least October.
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The move comes as U.S. sales of the Ioniq 5 surged 90% year-over-year in the third quarter, with nearly 22,000 units sold. Through September, Hyundai sold 41,091 Ioniq 5 vehicles in the United States, a 35% increase from the same period in 2024.
The automaker builds the Ioniq 5 at its Metaplant facility in Georgia, alongside the larger Ioniq 9 SUV, which reached 4,177 sales through September. Local production and stronger volumes have helped Hyundai cut costs, which it is now passing on to customers.