The Hyundai Ioniq 5 quickly became one of the most popular electric vehicles on the market. The value-oriented small electric SUV proved to be both practical and affordable for most American drivers. As a result, it won several awards, including World Car of the Year. The Ioniq 5 has gained the favor of several popular automotive publications. It set the stage for the Ioniq 6, an electric sedan with great potential. Ioniq 5 sales are down. Is it time for another small electric SUV to take its place?
Hyundai Ioniq 5 sales are taking a hit in Q4
According to InsideEVs, Ioniq 5 sales have been on the decline since June. Sales have hit an all-time low month over month. This dip in sales can be attributed to the Inflation Reduction Act of 2022. The act gives American-made EVs an advantage.
The first wave of Ioniq 5 models benefitted from the federal electric vehicle tax incentive, but that won’t be the case for the new 2023 Ioniq 5. Furthermore, Hyundai has increased the price of the small electric SUV. So, many consumers will pay over $7,500 more for a new Ioniq 5 because it is now excluded from the revised tax incentive.
The 2022 Hyundai Ioniq 5 has a starting MSRP of $39,950. After tax incentives, its price was closer to $32,450. The 2023 Ioniq 5 has a starting price of $41,450. Since it won’t be eligible for any incentives, the new model is significantly pricier than the previous model year.
One of the Ioniq 5’s main strengths was affordability. If the electric SUV is nearly as pricey as its rivals, does it still have a competitive advantage? It’s the perfect opportunity for another small electric SUV to steal the spotlight.
The 2023 Ford Mustang Mach-E could be huge for Ford
The Ford Mustang Mach-E was initially met with plenty of skepticism from Blue Oval fans. How could an electric vehicle possibly live up to the Mustang’s legacy? The Mach-E quickly proved that it had muscle car DNA.
The Ford Mustang Mach-E combines the practicality of a small SUV with the design aesthetic and driving dynamics of a muscle car, especially at upper trim levels. The Mustang Mach-E GT Performance can go from 0-60 miles per hour in 3.5 seconds. The nameplate may have become popular, but it hasn’t all been smooth sailing for the small electric SUV.
Can the Ford Mustang Mach-E be a best-selling small SUV?
The Mach-E is experiencing reliability issues. It has been recalled for serious software issues that have resulted in complete immobility and overheated batteries for some Mach-E drivers.
Ford has beaten Hyundai in overall electric vehicle sales. The Mach-E could become much more popular than the Ioniq 5 in 2023 once consumers trust the EV to be reliable. Car and Driver praises its styling, acceleration, and driving range. If any small electric SUV can replace the Ioniq 5 as the top dog in its vehicle segment, it’s the Mustang Mach-E.