The 'Cheap' Hyundai Ioniq 5 Undercuts Almost All EV Crossovers/SUVs

Including the federal tax credit, it's cheaper even than the Chevrolet Bolt EUV.

• Hyundai Ioniq 5 SR Vs Hyundai Ioniq 5 LR
• Hyundai Ioniq 5 Vs Ford Mustang Mach-E
• Hyundai Ioniq 5 Vs Volkswagen ID.4
• Hyundai Ioniq 5 Vs Kia Niro EV
• Hyundai Ioniq 5 Vs Chevrolet Bolt EUV
• Hyundai Ioniq 5 Vs Hyundai Kona Electric

Hyundai has confirmed that the smaller battery capacity (58.2 kWh) version of the Ioniq 5 will be launched in the U.S. alongside the 77.4 kWh battery version, however a bit later – in Spring 2022.

This entry-level version has 220 miles of EPA range, a 125 kW electric motor for rear-wheel-drive, and, most importantly, an MSRP of $39,700 (+$1,225 DST), which after deducting the $7,500 federal tax credit will turn into effectively $33,425.

Once we checked the list of available EVs, it turns out that it’s one of the least expensive electric crossovers/SUVs.

Hyundai Ioniq 5 SR Vs Hyundai Ioniq 5 LR

The first thing that requires an answer is the difference compared to the same SE trim, but with a bigger battery (77.4 kWh) and higher power output (168 kW).

It seems that almost everything is about a quarter or so lower in the SR version (battery capacity, EPA range, power), while the price is effectively 10.6% lower ($3,950).

If one does not need more range or power, maybe it’s worth considering, but it’s not an easy choice.

Hyundai Ioniq 5 Vs Ford Mustang Mach-E

An interesting thing is that the Hyundai Ioniq 5 SR undercuts the base Ford Mustang Mach-E on price (by $4,195), but is expected to deliver only a slightly lower range, despite the battery being much smaller.

On the other hand, the Ford Mustang Mach-E should be much quicker. Hyundai Ioniq 5 will fast charge at a higher rate.

Hyundai Ioniq 5 Vs Volkswagen ID.4

Here is another surprise, the entry-level Hyundai Ioniq 5 is marginally less expensive than the Volkswagen ID.4 (we don’t have prices for the 2022 model year yet).

However, that’s only because the ID.4 does not have its lower-spec trims on the market yet (like the 62 kWh battery version). It also has noticeably more range and power.

Hyundai Ioniq 5 Vs Kia Niro EV

How about this? The Hyundai Ioniq 5 SR is $200 less expensive than the base Kia Niro EV. And the EPA range is only slightly lower.

Hyundai Ioniq 5 Vs Chevrolet Bolt EUV

The poor Chevrolet Bolt EUV is temporarily out of production, but even if it was being produced, it would not be eligible for the $7,500 federal tax credit. It means that after deducting the tax credit, the Hyundai Ioniq 5 SR would be, on paper, less expensive. Pretty surprising anomaly considering how much smaller the Bolt EUV is.

Hyundai Ioniq 5 Vs Hyundai Kona Electric

Finally, the Hyundai Kona Electric, which still can get the $7,500 federal tax credit. With leveled incentives, it remains competitive with the Hyundai Ioniq 5 SR as a smaller EV with a slightly higher range.

* estimated/unofficial values

Summary

The Hyundai Ioniq 5 SR is attractively priced and it turns one to be one of the least expensive crossovers/SUVs, but it’s difficult to say whether it will sell well. The Long Range version appears to have a better value proposition. The top-of-the-line version is also quite attractive in its category.

Anyway, we are happy to see the Hyundai Ioniq 5 SR and hopefully, it will be followed by a much-needed decrease in prices in the entry-level crossover/SUV segment.

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Keyword: The 'Cheap' Hyundai Ioniq 5 Undercuts Almost All EV Crossovers/SUVs