Earlier today, we wrote about how Ford, General Motors, and Tesla have reacted to the end of the clean vehicle tax credits. Now we know what Hyundai is doing, and the answer is "giving the Ioniq 5 a huge price cut."
The cheapest Ioniq 5 is still the SE RWD. A model-year 2025 SE RWD cost $42,600; for model-year 2026 it's now $35,000. The price cuts for other versions are even greater—between $9,150 and $9,800. For example, the Ioniq 5 XRT that you see in the photo above had a starting price of $55,500 for MY25; now it starts at a very reasonable $46,275.
"Hyundai is taking bold steps to ensure our award-winning Ioniq 5 remains a top choice for EV buyers," said Randy Parker, president and CEO of Hyundai Motor North America. "This pricing realignment reflects our commitment to delivering exceptional technology and innovation without compromise."
Unlike the tax credit, there's no income cap applied to Hyundai's price cut. But the cuts have only been applied to Ioniq 5s built in the US—the Ioniq 5 N, built in Korea, was absent from Hyundai's press release, as was the Ioniq 6 sedan or the Ioniq 9 three-row SUV. However, Hyundai said that those MY25 cars are still eligible for a manufacturer's incentive of $7,500.
Hyundai updated the Ioniq 5 last year, adding native NACS ports and other improvements to an already-excellent EV, like adding the missing rear windshield wiper.