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Hyundai is pushing the EV to the forefront of its production and has officially confirmed a smaller battery capacity Hyundai Ioniq 5 will debut in the states come spring of 2022. This is significant for one reason; compared to the rest of the electric SUVs/crossovers, the smaller Ioniq 5 will be cheap. Well, it’ll be at least cheaper, at least than almost everything else of its kind, even the Chevy Bolt EUV

The 2022 Hyundai Ioniq 5 on pavement
2022 Hyundai Ioniq 5 | Hyundai

How much does the Hyundai Ioniq 5 cost?

The entry-level Hyundai Ioniq 5 will have a max range of 220 miles. The power comes from a 125 kW motor for the rear wheels. But the real news comes from the MSRP price of only $39,700. After government incentives, the Hyundai Ioniq 5 with a small battery will undercut nearly even one of its rivals on price. The Hyundai Ioniq 5 will be one of the cheapest EVs on the market come next year. 

What is the price difference between the two Hyundai Ioniq 5 models?

Front view of silver 2022 Hynundai Ioniq 5 elecric crossover; one of the cheapest electric crossovers in the market
2022 Hyundai Ioniq 5 | Hyundai

Inside EVs says that the same SE trim but with the bigger battery – 77.4 kW versus the 58.2 kW battery – costs $3,950 (about 10 percent) more than the Ioniq 5 SR. The regular battery SE trim has about 25 percent more of everything (power, EPA range, and battery capacity.) 

How does the Hyundai Ioniq 5 SR stack up against the Mustang Mach-E?

The Ioniq 5 SR might not be as buzzy and called a Mustang, but it is a good deal cheaper. The base SR is a whopping $4,195 cheaper than the base Mustang Mach-E. Even crazier is the fact that the Ioniq 5 SR has a much smaller battery than the Mach-E but only slightly less range. The Mustang Mach-E only yields ten more miles of range than the Ioniq 5 SR. 

But, if you care about power, the Mach-E will undoubtedly beat the Hyundai like a rug. But the Ioniq will charge at a higher rate. Hyundai has done an excellent job at making this cheap electric SUV very competitive. 

Can the Hyundai Ioniq 5 SR actually compete with all other electric SUVs and crossovers? 

This sure seems to be the case. Inside EVs stacked the Hyundai against the major rivals, and it’s looking pretty good for Hyundai fans. The VW ID.4, while we don’t have prices for the 2022 model yet, will likely be marginally more expensive than the Ioniq 5, but not without sacrifice. The ID.4 will have much better power and range than the Hyundai. 

With the Kia Niro EV, the gap tightens a considerable amount. The Kia Niro is only $200 more than the SR. Hyundai still wins the matchup but just by a hair. Even though the Chevy Bolt got the ax this year and didn’t qualify for the $7,500 tax credit, the Hyundai technically wins this one, too, but only by a few hundred bucks. 

What is the cheapest electric SUV? 

The Hyundai Kona EV is the only electric SUV that is cheaper than the Hyundai Ioniq 5 SR after incentives. The Kona also has a higher range, but it is a smaller vehicle, which might hurt it in today’s market. 

Overall, the Hyundai Ioniq 5 is the kind of EV we need. Even being one of the cheapest electric crossovers, it’s still $39,700 before the rebate. This is not cheap. Most Americans can’t swing that, but it’s a step in the right direction. If we are meant to adopt the EV life, we must have more affordable EVs. For that, I appreciate the Ioniq 5.