2022 Hyundai Ioniq EV costs $40,925, excluding credits

The 2022 Hyundai Ioniq EV will cost $40,925, including $1,225 destination, when it goes on sale late this month, Hyundai announced Monday. The dual-motor Limited model tops the range at $55,725.

The five-seat crossover SUV sold with two battery pack options undercuts much of the competition. The Ford Mustang Mach-E starts at $43,995 and tops out above $60,000 for the GT performance model. The Tesla Model Y starts at $60,190, but that could change with Tesla’s yo-yoing price changes throughout the model year. The smaller 2022 Chevy Bolt hatchback ranges from about $32,000 to $38,495 for the Bolt EUV model. GM and Tesla vehicles no longer qualify for the $7,500 EV tax credit, but the Ioniq 5 does.

If owners have the necessary tax burden, then the available EV credit would bring the cost of the Ioniq 5 down to $33,425 for the smaller 58-kwh pack on the Standard Range model, which will be initially limited. The 168-hp rear motor has an estimated range of 220 miles.

Standard features include 19-inch wheels, a 12.3-inch touchscreen with Apple CarPlay and Android Auto, adaptive cruise control, automatic emergency braking, blind-spot monitors, active lane control, LED headlights, and unlimited 30-minute charge sessions for two years on Electrify America’s network. A 5-year/60,000-mile new car warranty 10-year/100,000-mile powertrain warranty, and 3 years or 36,000 miles of scheduled maintenance comes standard as well. 

The Ioniq 5 can support 800-volt fast-charging and charge from 10% to 80% in 18 minutes on a 350-kw DC fast charger, Hyundai said. That equates to 68 miles of range in about five minutes. At home with a 240-volt, 60-amp circuit and a 48-amp Level 2 wallbox, the Ioniq 5’s 10.9-kw onboard charger can juice to capacity in less than seven hours.

Hyundai expects the larger 77.4-kwh battery pack to make up the bulk of purchases. With a single motor powering the rear axle, it makes 225 hp and 258 lb-ft of torque and goes from 0-62 mph in 7.4 seconds. It has a range of 303 miles and the base SE model costs $44,875. All prices include destination but do not factor in the EV tax credit.  The SEL model costs $47,125. 

A dual-motor version in all-wheel drive has a combined output of 320 hp and 446 lb-ft, and a 0-62 mph time of 5.2 seconds. Dual-motor SE and SEL models reach an estimated 256 miles of range, same as the Hyundai Kona EV that’s limited to certain states committed to zero-emission policies.

For $51,825, the feature-laden Limited model also gets 303 miles of range with rear-wheel drive or 256 miles with dual-motor all-wheel drive that brings the price up to $55,725. The top speed is 115 mph and it has a 1,500-pound towing capacity.

The versatile interior space includes an airy fixed-glass roof, same as in the Model Y and Mach-E, and dual 12.3-inch screens that streamline the dash. A sliding center console that can move front to rear by up to 5.5 inches opens up more leg room on the flat cabin floor.

Hyundai offers a vehicle-to-load function that acts as a generator with 1.9 kw of power to charge camping gear or backup home power needs.

Built in South Korea, the Ioniq 5 goes on sale in late December.