Hyundai just slashed the price of its high-performance electric SUV, the Ioniq 5N, by $6,300. It now starts at $61,500, down from its earlier starting price of $67,800.As gas prices keep rising, it's making more and more sense to switch to an EV, at least economically speaking. That said, the Ioniq 5N isn't the end-all-be-all when it comes to range, with 221 EPA-rated miles, some folks might find that a bit thin.Powered by an 84 kWh LFP battery, the 5N puts out a whopping 641 horsepower, supercar territory from not too long ago. Power is split between the axles, with 235 hp going to the front wheels and 406 hp going to the rear. It also supports DC fast charging up to 238 kW, and it'd smoke some supercars with a 0-60 time of 3.0 seconds, an impressive feat for a sporty electric SUV.AdvertisementAdvertisementThe Ioniq 5N is loved by many and has picked up numerous awards around the world for its playful character. It's built up a solid fanbase thanks to features like N Grin Mode, pseudo exhaust noises, and simulated gear shifts paired with regen that mimics engine braking.Season of Price CutsEver since Chinese automakers got their act together and started rolling out some of the most affordable EVs around, the rest of the world has been playing catch-up in the pricing war. Big conglomerates like Hyundai are going to keep lowering prices as they find newer, smarter ways to make their EVs more affordable for everyone.Recently, the Kia EV6 GT, which shares the same platform as the Ioniq 5N and delivers a comparable amount of power, got pulled from the lineup entirely rather than getting a price cut, with Kia citing "changing market conditions." Meanwhile, the rest of the EV6 range did see solid discounts, up to nearly $6,000 depending on trim.We're seeing price cuts all over the board right now, driven by two different forces: in the States, it's the loss of the federal EV tax credit dragging down demand, while in the rest of the world, it's Chinese companies waging a straight-up price war with dirt-cheap EVs. Adding to that is the steady decline in battery costs, which have now fallen to an average of around $108 per kWh.AdvertisementAdvertisementMoving forward, we could soon see electric vehicles being on par with, or even more affordable than, their comparable ICE counterparts, just like the $25,000 Slate pickup.This story was originally published by Men's Journal on Jul 17, 2026, where it first appeared in the Gear section. Add Men's Journal as a Preferred Source by clicking here.