Hyundai Ioniq 5 Sales Are Down, Will They Get Even Worse?

Say it ain’t so. Hyundai Ioniq 5 sales numbers took a hit in September. Is the popular electric SUV losing steam? The 2022 Hyundai Ioniq 5 is the current World Car of the Year because it’s affordable, practical, and comes with great standard features. The Ioniq 5 has separated itself from other electric SUVs in its segment. Does this recent decline in sales mean the beginning of the end of a long run for the popular EV?

Is the Hyundai Ioniq 5 fading into obscurity?

A gray Hyundai Ioniq 5 small electric SUV is charging.
The Hyundai Ioniq 5 | Hyundai

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The Hyundai Ioniq 5 hasn’t had any major mechanical issues yet. Most Ioniq 5 owners haven’t even complained of software bugs. So, why aren’t consumers buying as many Ioniq 5 models?

The short answer is that the problem is an economic issue, not an Ioniq 5 issue. The Hyundai Ioniq 5 is still an amazing small electric SUV, but Americans are cutting back as they battle economic turbulence. Talks of a recession have made headlines for weeks (if not months). Some of the biggest American companies like Meta are laying off employees. The stock market took a historic hit in September 2022. While some vehicle sales are up month over month, it’s harder for many working-class Americans to purchase a $40,000+ electric SUV when faced with such economic uncertainty.

Electric SUVs may save drivers thousands of dollars on fuel long-term, but it takes years for drivers to see those savings because EVs often cost much more than their gas-powered counterparts. The Ioniq 5’s starting price of $41,450 doesn’t seem outrageous for its vehicle segment, but it’s much more expensive than popular gas-powered small SUVs like the Toyota RAV4.

The Hyundai Ioniq 5 will be the first-ever electric vehicle for many Americans. Many consumers aren’t willing to take an expensive risk on an EV because of the current state of the economy. So, the Ioniq 5’s sales could continue to decline, but this decline would have little to do with the quality of the electric vehicle.

The Hyundai Ioniq 5 is the people’s EV

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The 2022 Hyundai Ioniq 5 is easily one of the best small electric SUVs for families on the market. It’s the people’s EV because it can comfortably seat five and has 220 miles of standard driving range. If you purchase a home charger (which is highly recommended) the Ioniq 5 should have enough range to stomp out range anxiety.

The Ioniq 5’s design language is simplistic and welcoming. Its cabin is quiet and relaxing. Hyundai’s small electric SUV’s impact on the market won’t soon be forgotten regardless of sales numbers.

Which Hyundai Ioniq 5 trim is best?

The Hyundai Ioniq 5 | Hyundai

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Car and Driver recommends the 2022 Hyundai Ioniq 5 SEL Long Range AWD. If you’re willing to shell out the big bucks, the Ioniq 5 Limited Long Range AWD is an incredible deal. It comes standard with a surround-view monitor, blind-spot view monitor, and remote smart park assist. The small electric SUV also comes standard with a panoramic roof, a sliding center console, and a Hyundai digital key.

Read more about the Hyundai Ioniq 5 Limited in the next article below.

RELATED: 2022 Hyundai Ioniq 5 Limited vs. 2023 Genesis GV60