Hyundai Prices the 124-Mile Ioniq EV at $29,500
Hyundai announced today that it will sell its Ioniq electric car for $29,500, which after a federal tax incentive, drops the price to $22,000. That sticker price—for an all-electric vehicle officially rated to go 124 miles on a single charge—handily beats chief competitors on economics, driving range or both. The first US sales of the Hyundai will begin in the coming weeks.
The price of the Nissan LEAF, offering 107 miles of range, begins at $34,200. In other words, the 30-kWh LEAF sells for nearly $5,000 more than the 28-kWh Ioniq, with the Nissan EV getting a range rating that’s 17 miles lower. It appears that the Ioniq beats the LEAF on range, while carrying a slightly smaller battery pack, by virtue of a sleeker and more efficient aerodynamic design.
There are other electric cars—most notably the 100-mile Ford Focus Electric—with a price that’s similar or slightly lower than the Ioniq, but don’t offer as much range. The luxury BMW i3 provides 114 miles of range in an upscale package, but with a price tag above $40,000.
The biggest competition for the Ioniq will likely be the all-electric Chevy Bolt. Consumers will need to consider the difference between the Hyundai Ioniq EV, with its net price of $22,000, versus the 238-mile Chevy Bolt at $30,000 (after a federal tax credit). The Bolt nearly doubles the distance on a single charge. It would be hard to argue that any preference for the Ioniq—perhaps with styling or road manners—would dissuade buyers from the Bolt’s much greater range.
Comparisons could get more interesting when considering electric models at higher trim levels. The top-of-the-line Ioniq begins at $32,500. All Ioniq electric models are equipped with a standard 100-kW DC quick charger and come with lifetime warranty on the battery pack. In California, the Ioniq EV will also be offered on a subscription model that bundles the vehicle lease, maintenance and charging in a single monthly payment. More details about trim levels, specifications and pricing will be available later this month.
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