Hyundai has announced dramatic price cuts of up to almost $10,000 for the 2026 model year of its Ioniq 5 electric SUV.
Depending on the version chosen, Hyundai will slash prices by between $7,600 and $9,800 compared to the current 2025 car.
Every Ioniq 5 in the lineup, excluding the high-performance N model, benefits from a sizable discount for 2026.
However, even remaining examples of the 2025 model-year Ioniq 5 are eligible for $7,500 purchase and lease initiatives to make the electric SUV more attractive – even as federal EV tax credits come to an end.
Hyundai sales up overall
Hyundai experienced a huge uptick in Ioniq 5 sales during September 2025: a 152 percent increase compared to the same month last year.
The imminent ending of federal EV tax credits is likely to have been a substantial driver for sales. Even so, the Ioniq 5 has seen a 36 percent rise in sales numbers during 2025 so far.
This helped Hyundai report its best ever September for overall vehicle sales, with 71,003 cars and trucks finding new owners.
According to Hyundai, cutting Ioniq 5 prices will “align with current market dynamics”, while also supporting increased U.S. production volumes.
Giving the Ioniq 5 a boost
Hyundai’s new pricing structure sees the entry-level Ioniq 5 SE RWD Standard Range, powered by a single 168 hp electric motor, reduced from $42,600 to $35,000.
However, the most substantial EV discounts are on the SEL trim level. Both versions receive $9,800 price cuts, dropping the RWD Ioniq 5 to $39,800, and the AWD version to $43,300.
Even the 320 hp off-road-prepared Ioniq 5 XRT has $9,225 deducted from its list price. It now starts from $46,275.
“Hyundai is taking bold steps to ensure our award-winning Ioniq 5 remains a top choice for EV buyers,” said Randy Parker, president and CEO of Hyundai Motor North America.
“This pricing realignment reflects our commitment to delivering exceptional technology and innovation without compromise.”
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