Hyundai is significantly reducing the U.S. price of its 2026 Ioniq 5 in an effort to maintain strong electric vehicle sales despite the phase-out of federal tax credits.
Hyundai disclosed that select trims of the 2026 Ioniq 5 will see price cuts of up to $9,800. If the discount applies to base models, the electric crossover could start in the low $30,000 range—potentially giving it a strong edge over competitors. However, the company has not yet confirmed which specific trims will receive the price reductions.
Hyundai stated that the price adjustments “reflect Hyundai’s commitment to affordability and its long-term EV strategy.” Meanwhile, the automaker will keep offering the $7,500 cash incentive on 2025 models through at least October.
Strong sales and increased local manufacturing have enabled Hyundai to lower its production costs, allowing the company to pass those savings on to customers. By reducing the price of one of its most acclaimed electric vehicles, Hyundai hopes to sustain its growth in the EV market.
The 2025 Ioniq 5, currently available, starts at $42,600 for the entry-level SE Standard Range trim. It remains Hyundai’s top-selling EV and ranks among the leading electric crossovers in the U.S.
Hyundai reported that its EV sales doubled in the third quarter, with the Ioniq 5 making up nearly 21,999 units, an increase from 11,590 during the same period last year. In September alone, the company sold 8,408 Ioniq 5s, marking a 152% increase compared to the previous year.
Last month, the 2025 Hyundai IONIQ 5 ranked among the most budget-friendly EVs available, with lease rates beginning at just $179 per month. That promotion ended on September 30, the same day the $7,500 federal tax credit expired. Still, Hyundai has indicated plans to continue offering attractive deals.
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