Hyundai’s Insanely Successful EV Just Became Even Cheaper as the Tax Credit Ends

If you were hoping to land one of the most successful EVs — the Hyundai Ioniq 5 — in your driveway, your chances just got even better. The Korean automaker has slashed its entry prices for the model by nearly ten grand.

According to official news from the brand, Hyundai cut the MSRP of its Ioniq 5 electric vehicle by as much as over $9,000 — across the board. As such, the base model Ioniq 5 now starts at $35,000, which is cheaper than what it would’ve cost even with the now-expired federal EV tax credit.

Hyundai sets a new bar on making affordable EVs

Hyundai USA

Just last year, the entry-level Ioniq 5 SE with rear-wheel drive and standard battery range stamped its invoice at $42,600. That now drops by $7,600 to $35,000.

Step up to the more powerful rear-wheel drive SE, and the price cuts immediately jump to $9,150 or more.

Hyundai USA

The highest price cut happens with the fancier third-tier SEL model. Even with the more powerful battery pack that bumps output to 225 horsepower versus the standard SE’s 168 — plus more standard options and niceties — the price reduction peaks at $9,800.

That means you can pick up a very nicely equipped and adequately powered Ioniq 5 SEL rear-wheel-drive for just $39,800.

Hyundai USA

Want more power, to the tune of 320 horsepower and even more equipment? The all-wheel-drive SEL also drops by $9,800 to $43,300, down from $53,100.

That’s not even including any state-sanctioned incentives that might still exist for clean vehicles.

The award-winning model is made in America

Despite the political pushback against the auto industry’s electrification initiative, EVs remain on the horizon as a path forward and away from internal combustion. Although Hyundai is Korean, the company still manufactures majority of its North American offerings in the States.

Specifically, the US-spec Ioniq 5 rolls off of Hyundai’s largest assembly plant, Hyundai Motor Group Metaplant America (HMGMA) in Ellabell, Georgia. The only exception is the high-performance Ioniq 5 N, which is still manufactured in Ulsan, South Korea.

Hyundai USA

Since its launch in 2021, the Ioniq 5 has since become Hyundai’s best-selling electric vehicle. And rightfully so, as it’s scooped over a dozen awards in the meantime.

Last year, the Korean automaker rolled out a mid-cycle refresh. Updates included the addition of a rear windscreen wiper (one of the biggest owner criticisms of the original model), an updated infotainment system, and revised electric drive and battery systems.

Hyundai USA

For 2025 onward, all Ioniq 5s can now utilize Tesla’s popular Supercharger fast-charging network.

“Hyundai is taking bold steps to ensure our award-winning Ioniq 5 remains a top choice for EV buyers,” said Randy Parker, Hyundai Motor North America’s president and CEO. “This pricing realignment reflects our commitment to delivering exceptional technology and innovation without compromise.”

Related Topics