Last year, Hyundai sold nearly 23,000 units of the Ioniq 5 in the US. However, it will be a more challenging task to achieve this year as neither the Ioniq 5 nor the Ioniq 6 qualify for the $7,500 federal EV credit, putting both cars at a disadvantage. Although one might expect Hyundai to reduce the prices, the company is instead increasing them.
The smaller 58.2 kWh battery pack version of the Ioniq 5, which is the entry-level model, now costs $42,785, including the destination charge. This is a significant increase of $9,360 from its original price when it was released 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) |
The price variance between RWD and AWD models is $3,500, except for the Limited trim, where it’s $3,900. The difference in cost between the smallest battery and the standard 77.8 kWh pack is $4,050, and some individuals may carefully consider if the extra 180 miles of range justifies the additional expense.
The ranges presented in the table are approximations from Hyundai, as EPA certification is currently in progress. However, the company expects the EPA range to surpass their estimates, thanks to significantly enhanced drivetrain efficiency – although we’ll need to wait for the official results.
Hyundai has even provided a useful chart below that details all the updates between the 2022 and 2023 models. One noteworthy improvement is the increased towing capacity of 650 lbs, bringing the maximum capacity to 2,300 lbs (1,043 kg) for all Ioniq 5 variants equipped with the larger 77.8 kWh battery pack.
Hyundai faces a formidable challenge as it lacks eligibility for the EV tax credit and must depend on its brand reputation to market its electric vehicles. With the competition expanding rapidly, the task ahead won’t be a walk in the park. Additionally, it’ll be intriguing to observe how critical the EV tax credit is to customers in their decision-making process when purchasing an electric car.
