The highest-selling Hyundai EV is about to change into much more enticing. Hyundai says the IONIQ 5 would be the first EV constructed at its new $7.6 billion EV and battery plant in Georgia, unlocking entry to the $7,500 federal tax credit score.
After promoting practically 34,000 IONIQ 5 fashions final 12 months (+48% YOY) within the US, Hyundai’s top-selling EV has not slowed down this 12 months.
Hyundai offered 3,361 IONIQ 5 fashions in March, a brand new document. By the primary three months of 2024, 6,822 IONIQ 5 fashions have been handed over to prospects (+18% YOY), additionally a brand new document.
Though Hyundai’s second EV, the IONIQ 6, launched within the US final January, IONIQ 5 gross sales are nonetheless practically double that of the electrical sedan. In the meantime, the electrical SUV remains to be imported from Korea.
Hyundai’s international chief working officer, Jose Munoz, stated it’s a “no-brainer” for the IONIQ 5 to be the primary EV constructed at its new EV and battery Metaplant in Georgia.
In an interview with Automotive Information, Munoz stated the IONIQ 5 “completely is the bestseller.” Munoz added, “So I believe it’s a no-brainer that it must be that one,” referring to Hyundai’s first EV to roll out of the Metaplant.
Hyundai IONIQ 5 to achieve $7,500 EV tax credit score eligibility
The EV manufacturing line might be prepared in October when Hyundai will start assembling the IONIQ 5 within the US.
Though the battery unit will open a couple of 12 months later, Munoz stated the expectation is that the IONIQ 5 will achieve eligibility for the $7,500 EV tax credit score as soon as meeting begins.
Whereas Hyundai waits for the battery portion to return on-line, it’s going to supply IONIQ 5 batteries from a manufacturing unit in Hungary. “We wanted the vital elements of the battery, the supplies of the battery and in addition the meeting with the right sourcing,” Munoz defined.
Hyundai, like a number of automakers, is passing the $7,500 tax credit score on for these leasing by way of a loophole within the Inflation Discount Act.
|
2024 Hyundai IONIQ 5 trim |
Beginning Worth (excluding vacation spot charge) |
Worth after potential $7,500 EV tax credit score (excluding vacation spot charge) |
Vary (EPA est miles) |
| SE Customary Vary | $41,800 | $34,300 | 220 |
| SE | $45,850 | $38,350 | RWD: 303 AWD: 260 |
| SEL | $47,400 | $39,900 | RWD: 303 AWD: 260 |
| Restricted | $53,500 | $46,000 | RWD: 303 AWD: 260 |
| D100 | $59,400 | $51,900 | 260 |
Nonetheless, that’s about to vary this fall. “As of October, we’ll find a way to take action as properly with retail prospects who pay money or finance. That’s going to be excellent news,” Munoz stated.
The information comes after Kia introduced its first three-row EV9 electrical SUV rolled off the meeting line at its West Level, GA plant Thursday. Kia’s EV9 made historical past as the primary EV assembled from begin to end within the Peach State.
Electrek’s Take
Hyundai already has a few of the most reasonably priced and fuel-efficient EVs. Hyundai’s electrical fashions account for six of the highest ten most fuel-efficient EVs within the US this 12 months.
Beginning at $41,800, the IONIQ 5 is without doubt one of the greatest offers in the marketplace. With a $7,500 tax credit score, the IONIQ 5 might be purchased for as little as $34,300. That will be probably the most reasonably priced electrical choices within the US.
Will probably be attention-grabbing to see how US manufacturing impacts Hyundai’s EV gross sales. In an unique interview with Electrek, Hyundai’s North American CEO advised us the automaker is “humble and hungry” to separate itself from the competitors (learn the total interview right here).
Should you’re able to see why Hyundai’s IONIQ 5 is already outpacing the competitors, we might help you get began. You should utilize our hyperlink to seek out offers on the Hyundai IONIQ 5 at a seller close to you.