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Hyundai’s electric vehicles are becoming more affordable in Korea. Hyundai unveiled new E-Value + trims for the IONIQ 5, IONIQ 6, and Kona EVs in its home market. The cheaper Hyundai EVs use the same battery as the standard models and start at around $22,500 with incentives. Will the new models make their way to the US?
Hyundai rolls out cheaper EVs in its home market
“We have prepared a practical trim that will expand the range of choices and lower the barrier to purchasing an electric vehicle,” a Hyundai spokesperson said.
Hyundai launched the new entry-level E-Value models to support the transition to electric vehicles (EVs). Despite the lower cost, Hyundai said the cheaper EVs will be powered by the same battery as its standard models.
The new E-Value IONIQ 5 gets up to 229 miles (368 km) range in Korea, while the IONIQ 6 and Kona Electric are rated at 228 miles (367 km) and 193 miles (311 km), respectively.
According to Hyundai, some specifications have been “slimmed down” to enable more affordable prices.
The starting price for the Kona Electric E-Value trim is $31,000 (41.42 million won), while the lower-priced IONIQ 5 and IONIQ 6 models start at $35,200 (47 million won) and $35,190 (46.95 million won), respectively.
Hyundai said with government incentives, the actual purchase price is expected to be in the $22,500 (30 million won) range.
Will they make it to the US?
The news comes after Hyundai broke total and retail US sales records in August. As one of, if not the most important market for Hyundai, the company is heavily invested in the US.
Hyundai’s massive $7.6 billion Metaplant America (HMGMA) will open its doors later this year. The first model to roll off the production line will be Hyundai’s updated 2025 IONIQ 5 with more range and a bold new face.
The 2025 IONIQ 5 will be the first Hyundai EV with a Tesla NACS port. It’s also gaining a rugged new XRT variant. The new off-road trim is designed for those “who want to play in the dirt and have all-electric adventures,” according to Hyundai Design North America’s senior manager of exteriors, Brian Arnold.
With a bigger, more efficient battery, the 2025 IONIQ 5 is expected to get over 310 miles range, up from 303 miles with the current model.
Ahead of the new model arriving at dealerships this fall, Hyundai’s IONIQ 5 set a new August sales record. With another 4,838 models sold in the US last month, Hyundai IONIQ 5 sales reached nearly 27,000 through the first eight months of the year, up 26% from 2023.
Hyundai will also unveil its first three-row electric SUV, the IONIQ 9, later this year. Ahead of its official debut, the IONIQ 9 was spotted in California as it finalized testing (see the video here).
Will Hyundai launch cheaper trims for EVs in the US? With US production starting later this year, it’s a possibility. But then again, Hyundai already has some of the most affordable EVs on the market.
The 2025 Hyundai Kona Electric starts at $32,675, while the 2024 IONIQ 5 and IONIQ 6 models start at $41,800 and $37,500, respectively. Hyundai is also passing the $7,500 tax credit on through leasing, dropping prices even lower.
According to Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the US was $48,644 in June.
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