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Hyundai Raises Prices for the 2023 Ioniq 5, Offers Modest Updates

Hyundai is killing it in the EV space, and the Ioniq 5 is the main reason they have such a huge success. Reasonably priced and packed with features, the Ioniq 5 enters the 2023 model year with modest updates and a consistent price hike.
2023 Hyundai Ioniq 5 17 photos
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Inflation is raising prices throughout the supply chain, and carmakers have no choice but to follow suit. Hyundai acknowledged that and updated the price for the 2023 Ioniq 5 electric vehicle, which is preparing to replace the current model year. It is a good moment to lock up a price for a 2022 model. However, Hyundai warns that the EV has extremely limited availability. According to the new pricing published by Hyundai, the Ioniq 5 will be $1,200-$1,500 more expensive in the 2023 model year.

The most affordable version of the Ioniq 5 is the SE Standard Range RWD trim, with an MSRP of $42,745, including the $1,295 destination charges. If you opt for the SE model with the bigger 77.4-kWh battery, prepare $46,795. The price hike is only $1,200 for the RWD version in SEL trim, which retails for 48,745. Finally, the Limited trim has an MSRP of 53,895. The dual-motor HTRAC all-wheel drive adds $3,500 to the bill ($3,900 for the Limited AWD trim), so plan your finances accordingly.

Also, remember that the Hyundai Ioniq 5 is not built in the U.S., which means it wouldn’t benefit from the IRA tax credits. This means that customers who want to buy the Ioniq 5 will have to cough up $9,000 more next year than they did this year for a 2022 model. Hyundai will not have its U.S. factory in Georgia production-ready until at least 2025, so this would prove a significant problem for the Korean carmaker.

If you wonder what Hyundai offers for the price hike, it is not very much. The battery heating system, previously offered on the AWD models only, would now be standard on all trims. This should improve efficiency and cut charging times even further. Hyundai Ioniq 5 will also precondition the battery for fast charging whenever an EV fast charger is set into the onboard navigation. AWD models also get an improved EPA rating (101 MPGe combined vs. 98 MPGe). And if that’s a comfort, a new Gravity Gold Matte color will be available to order.

 
 
 
 
 

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