The entry version of the new 2022 Hyundai Ioniq 5 will start at $39,700 — before factoring in federal incentives — making it one of the most affordable offerings in the compact battery-electric crossover segment.
The first entry into Hyundai’s new BEV sub-brand, the Ioniq 5 will be offered in a variety of configurations, starting with a single-motor, rear-wheel-drive package with 220 miles of range. At the other extreme, a twin-motor, all-wheel-drive version delivering an estimated 256 miles per charge will start at $54,500. Yet other variants will offer as much as 303 miles of range.
“Ioniq 5 introduces the Hyundai brand to a whole new set of buyers,” José Muñoz, president and CEO, Hyundai Motor America said during a media presentation of the new model in San Diego. “Once behind the steering wheel, they are going to be shocked by the range, power, comfort, interior space and advanced technology. Owning one is going to be a new experience and lifestyle that only the Ioniq brand can provide.”
A new family of BEVs
Hyundai already offers a long-range battery-electric vehicle with the Kona EV. But the Ioniq 5 is its first model based on a unique, skateboard-style architecture that mounts batteries, motors and other key components below the load floor.
The layout of the E-GMP platform allowed the development team to move the wheels out to the corners. The Ioniq 5 features a 118.1-inch wheelbase, even longer than the three-row Palisade SUV. That translates into a surprisingly roomy cabin enhanced by a flat load floor.
The electric system operates at 800 volts, double what key competitors like General Motors and Volkswagen — with their Bolt EV and ID.4 models, respectively — run at. The approach allows for greater efficiency and quicker charging time. The ID.4 can go from a 10% to 80% start-of-charge using the latest public chargers in as little as 18 minutes.
Three trim packages, multiple powertrain configurations
The SE Standard Range model comes with a 58 kilowatt-hour lithium-ion pack delivering 220 miles between charges. It’s powered by a single motor mounted on the rear axle making 168 horsepower. It starts at $39,700 before adding in $1,225 in delivery fees. As with all of the new Ioniq 5 variants, owners can receive up to $7,500 in federal tax credits.
The SE can be outfitted with a larger, 77.4 kWh pack and gets an upgrade to 225 hp, though that’s still delivered only to the rear wheels. Its range jumps to 303 miles, and it’s priced at $43,650. A dual motor version of the SE adds all-wheel drive and jumps again to 320 hp, though range drops to 256 miles. It starts at $47,150.
For those who want an assortment of additional features, there are single and twin-motor variants of the SEL trim, at $45,900 and $49,400, respectively, before factoring in shipping and federal tax credits.
The top-line Hyundai Ioniq 5 Limited line also comes in either 225 hp single-motor or 320 hp twin-motor configurations, priced at $50,600 and $54,500, respectively.
The competition
The VW ID.4, perhaps the most direct competitor to the new Hyundai Ioniq 5, also is offered in single- and twin-motor configurations. The base package starts at $39,995 before factoring in fees and credits.
The Tesla Model Y, meanwhile, no longer is offered with a standard-range battery pack and now is available only with a dual-motor drive and a minimum 318 miles range. It starts at $60,190.
There is a somewhat less expensive entry into the BEV market for those who want an SUV body style, the Chevrolet Bolt EUV has a base price of $33,000.
And the Hyundai Kona comes in with an entry model at $34,000 after a recent price cut. But it’s about to undergo an extensive makeover and the Korean carmaker hasn’t set pricing for the new model yet.
There’ll be even more competition coming next year, including the all-new EV6 from Hyundai’s sibling brand, Kia.