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

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.

2022 Hyundai Ioniq 5

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2022 Hyundai Ioniq 5 SE RWD 19″
[B]
DriveRWD RWD
Battery58.2 kWh-24.8%77.4 kWh
EPA Range
Combined220 mi
(354 km)
-27.4%303 mi
(488 km)
Specs
0-60 mph   
Top speed  115 mph
(185 km/h)
Peak power125 kW-25.6%168 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)-3.5%114 MPGe: 296 Wh/mi (184 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)-3.8%132 MPGe: 255 Wh/mi (159 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)-4.1%98 MPGe: 344 Wh/mi (214 Wh/km)
Prices
MSRP$39,700-9%$43,650
Dest. Charge+$1,225 +$1,225
Tax Credit$7,500 $7,500
Effective Price$33,425-10.6%$37,375

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2022 Ford Mustang Mach-E Select SR RWD 18″
[B]
DriveRWD RWD
Battery58.2 kWh-23.1%75.7 kWh
EPA Range
Combined220 mi
(354 km)
-4.3%230 mi*
(370 km)
Specs
0-60 mph  5.8 s
Top speed   
Peak power125 kW-36.9%198 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)10%100 MPGe: 337 Wh/mi (209 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)21%105 MPGe: 321 Wh/mi (199 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)1.1%93 MPGe: 362 Wh/mi (225 Wh/km)
Prices
MSRP$39,700-9.6%$43,895
Dest. Charge+$1,225 +$1,100
Tax Credit$7,500 $7,500
Effective Price$33,425-10.9%$37,495

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2021 Volkswagen ID.4 Pro 19″
[B]
DriveRWD RWD
Battery58.2 kWh-29%82 kWh
EPA Range
Combined220 mi
(354 km)
-15.4%260 mi
(418 km)
City  278.5 mi
(448 km)
Highway  237.1 mi
(381 km)
Specs
0-60 mph   
Top speed   
Peak power125 kW-16.7%150 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)11.1%99 MPGe: 340 Wh/mi (212 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)18.7%107 MPGe: 315 Wh/mi (196 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)3.3%91 MPGe: 370 Wh/mi (230 Wh/km)
Prices
MSRP$39,700-0.7%$39,995
Dest. Charge+$1,225 +$1,195
Tax Credit$7,500 $7,500
Effective Price$33,425-0.8%$33,690

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2022 Kia Niro EV
[B]
DriveRWD FWD
Battery58.2 kWh-9.1%64 kWh
EPA Range
Combined220 mi
(354 km)
-7.9%239 mi
(385 km)
City  259 mi
(417 km)
Highway  213.6 mi
(344 km)
Specs
0-60 mph  7.5 s
Top speed  104 mph
(167 km/h)
Peak power125 kW-16.7%150 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)-1.8%112 MPGe: 301 Wh/mi (187 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)3.3%123 MPGe: 274 Wh/mi (170 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)-7.8%102 MPGe: 330 Wh/mi (205 Wh/km)
Prices
MSRP$39,700-0.7%$39,990
Dest. Charge+$1,225 +$1,175
Tax Credit$7,500 $7,500
Effective Price$33,425-0.7%$33,665

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2022 Chevrolet Bolt EUV
[B]
DriveRWD FWD
Battery58.2 kWh-10.5%65 kWh
EPA Range
Combined220 mi
(354 km)
-10.9%247 mi
(397 km)
City  266.6 mi
(429 km)
Highway  222.9 mi
(359 km)
Specs
0-60 mph  7 s*
Top speed   
Peak power125 kW-16.7%150 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)-4.3%115 MPGe: 293 Wh/mi (182 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)1.6%125 MPGe: 270 Wh/mi (168 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)-9.6%104 MPGe: 324 Wh/mi (201 Wh/km)
Prices
MSRP$39,70020.3%$33,000
Dest. Charge+$1,225 +$995
Tax Credit$7,500 N/A
Effective Price$33,425-1.7%$33,995

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.

EV Comparison Side-by-Side by InsideEVs
Model2022 Hyundai Ioniq 5 SE SR RWD 19″
[A]
Difference
[A] / [B]
2022 Hyundai Kona Electric
[B]
DriveRWD FWD
Battery58.2 kWh-9.1%64 kWh
EPA Range
Combined220 mi
(354 km)
-14.7%258 mi
(415 km)
City  284.1 mi
(457 km)
Highway  226 mi
(364 km)
Specs
0-60 mph  7.9 s
Top speed  104 mph
(167 km/h)
Peak power125 kW-16.7%150 kW
EPA Energy Consumption (including charging losses)
Combined110 MPGe: 306 Wh/mi (190 Wh/km)-8.3%120 MPGe: 281 Wh/mi (175 Wh/km)
City127 MPGe: 265 Wh/mi (165 Wh/km)-3.8%132 MPGe: 255 Wh/mi (159 Wh/km)
Highway94 MPGe: 359 Wh/mi (223 Wh/km)-13%108 MPGe: 312 Wh/mi (194 Wh/km)
Prices
MSRP$39,70016.8%$34,000
Dest. Charge+$1,225 +$1,185
Tax Credit$7,500 $7,500
Effective Price$33,42520.7%$27,685

* 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.

Prices

ModelBase PriceDest. ChargeTax CreditEffective Price
2022 Chevrolet Bolt EUV$33,000+$995N/A$33,995
2022 Ford Mustang Mach-E Select SR RWD 18″$43,895+$1,100$7,500$37,495
2022 Hyundai Ioniq 5 SE SR RWD 19″$39,700+$1,225$7,500$33,425
2022 Hyundai Ioniq 5 SE RWD 19″$43,650+$1,225$7,500$37,375
2022 Kia Niro EV$39,990+$1,175$7,500$33,665
2021 Volkswagen ID.4 Pro 19″$39,995+$1,195$7,500$33,690

Basic specs

ModelDriveBattery
(kWh)
EPA
Range
0-60
mph
(sec)
Top
Speed
2022 Chevrolet Bolt EUVFWD65247 mi
(397 km)
7.0* 
2022 Ford Mustang Mach-E Select SR RWD 18″RWD75.7230 mi*
(370 km)
5.8 
2022 Hyundai Ioniq 5 SE SR RWD 19″RWD58.2220 mi
(354 km)
  
2022 Hyundai Ioniq 5 SE RWD 19″RWD77.4303 mi
(488 km)
 115 mph
(185 km/h)
2022 Kia Niro EVFWD64239 mi
(385 km)
7.5104 mph
(167 km/h)
2021 Volkswagen ID.4 Pro 19″RWD82260 mi
(418 km)
  

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