Earlier today, we discussed how Ford, General Motors, and Tesla have actually responded to the end of the tidy automobile tax credits. Now we understand what Hyundai is doing, and the response is “giving the Ioniq 5 a huge price cut.”

The most affordable Ioniq 5 is still the SE RWD. A model-year 2025 SE RWD cost $42,600; for model-year 2026 it’s now $35,000. The cost cuts for other variations are even higher– in between $9,150 and $9,800. The Ioniq 5 XRT that you see in the picture above had a beginning cost of $55,500 for MY25; now it begins at an extremely affordable $46,275.

“Hyundai is taking bold steps to ensure our award-winning Ioniq 5 remains a top choice for EV buyers,” stated Randy Parker, president and CEO of Hyundai Motor North America. “This pricing realignment reflects our commitment to delivering exceptional technology and innovation without compromise.”

Unlike the tax credit, there’s no earnings cap used to Hyundai’s cost cut. The cuts have actually just been used to Ioniq Fives constructed in the United States– the Ioniq 5 N, constructed in Korea, was missing from Hyundai’s press release, as was the Ioniq 6 sedan or the Ioniq 9 three-row SUV. Hyundai stated that those MY25 cars and trucks are still qualified for a producer’s reward of $7,500.

Hyundai upgraded the Ioniq 5 in 2015, including native NACS ports and other enhancements to an already-excellent EV, like including the missing out on rear windscreen wiper.