Does Hyundai Need to Slash 2023 Hyundai Ioniq 5 Prices to Compete?

The space is heating up as automakers like Tesla and Ford cut prices. Why are automakers cutting prices for new electric vehicles? Simple. Affordability plays a huge role in the demand for certain vehicles, and EVs already tend to be more expensive than their ICE counterparts. Ford and Tesla are two of the biggest players in the small electric SUV segment. Does it also need to cut prices to maintain its position as the maker of the best electric small SUV?

Is the 2023 Hyundai Ioniq 5 too expensive?

The 2023 Hyundai Ioniq 5 | Hyundai

The 2023 Hyundai Ioniq 5 starts at $41,450. The 2022 Hyundai Ioniq 5 had an MSRP of $39,950. He was eligible for the full $7,500 federal electric vehicle tax incentive. Many drivers were able to get the Ioniq 5 for nearly $32,450, factoring in the tax credit. Eligibility for the 2023 model year tax credit is unclear, as the incentive was changed following the Inflation Reduction Act of 2022. Therefore, the new Ioniq 5 appears to be significantly more expensive than the model year. previous. How does it compare to the competition?

starts at $46,895. The 2023 Tesla Model Y has a starting price of $52,990. Volkswagen’s ID.4 small electric SUV starts at $38,995. Hence, Ioniq 5 is still one of the more affordable options as compared to its rivals.

Ioniq 5 prices have increased by just $1,500 year-over-year. Hence, the probability of a price cut is low because the Ioniq 5 is still the top dog in the eyes of many pundits and consumers. If it ain’t broke, don’t fix it, right? While many consumers wouldn’t mind an Ioniq 5 starting price of a fixed $40,000 before taxes and fees, it doesn’t make much sense for Hyundai to make their already affordable and competitive small electric SUV even more affordable.

Is the Hyundai Ioniq 5 a good electric SUV?

The 2022 Hyundai Ioniq 5 won in 2022 for several reasons, but there’s a clear explanation why car enthusiasts are in love with it. The Ioniq 5 isn’t the fastest or most elegant in its segment. It doesn’t have a great driving range. It’s everyone’s little electric SUV.

The Ioniq 5 is a small electric SUV that most American drivers can afford. It’s practical and it’s fun to drive. It is the SUV of the year 2023 because it is an electric vehicle that most drivers can enjoy. Hyundai’s EV checks all the boxes and makes a statement to the world. Be warned, Hyundai will be a formidable contender in the race to create the most popular EVs.

What do drivers want to see from the Hyundai Ioniq 5?

A small gray 2023 Hyundai Ioniq 5 electric SUV is parked.
The 2023 Hyundai Ioniq 5 | Hyundai

Hyundai has worked diligently to bring variety to the Ioniq 5 nameplate. One is in the works, which could be a sportier, performance-oriented trim.

More range couldn’t hurt, but until the EV charging infrastructure improves, charging will always be inconvenient for drivers who have to travel long distances. Hyundai has done its part. Now the public needs funds earmarked for charging infrastructure to be used in areas with large concentrations of EVs.

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