Hyundai's 2022 Ioniq 5 Offers Consumers an Affordable EV Option

There are several barriers to entry for car buyers when it comes to purchasing an electric vehicle (EV). One is the cost—though, a recent study found owning an EV is cheaper than a traditional gas-guzzling car—and another is range anxiety. The Nissan Leaf was the first EV for the masses with its decent range and easy-to-swallow price tag. But since the Leaf’s introduction, most of the new EVs have been higher-cost models that are far out of reach for most buyers. Luckily times are changing with the introduction of new lower-priced EVs, like the Chevy Bolt and Volkswagen ID.4.

While the Chevy Bolt and Volkswagen ID.4 have made an impact on the segment, the latest model from Hyundai is sure to make an even bigger splash. Hyundai introduced the 2022 Ioniq 5, which is the third fully electric vehicle in its lineup and will easily become the most popular: Its driving range beats many of its rivals and it won’t hurt your bank account too much.

The 2022 Hyundai Ioniq 5 is arriving this month with a starting price of $40,925, including destination. That’s before any federal or state tax incentives. In California, the Ioniq 5 is eligible for the full $7,500 federal tax credit and $2,500 incentive, which brings the starting price down to $30,925. Today the cost of the average new car is getting close to the $30,000 range, so that means that buyers won’t have to pay a significant premium over a gas-powered car.

The big news is that the Ioniq 5 is available with two battery packs, 58-kilowatt-hour or 77.4-kilowatt-hour. The base model with the smaller battery has a respectable range of 220 miles. But the bigger news is the larger battery, which gives the Ioniq 5 a driving range up to 303 miles on a single charge. That beats several rivals, including the Chevy Bolt, Nissan Leaf, and Volkswagen ID.4. 

In fact, the Ioniq 5 joins a small list of EVs with a range of over 300 miles. At this price range, you’ll have a hard time finding an EV with this much driving range. For example, the Tesla Model Y has a 318-mile range, but it has a price tag over $60,000 before any incentives compared to the Ioniq 5 with the bigger battery, which starts at $44,875.

Charging the Ioniq 5 will also take less time than other small electric crossovers since it’s capable of taking up to 250-kilowatt charging speeds using a DC fast charger. This means that you can charge the battery from 10-80 % in around 18 minutes with the DC fast charger, which is faster than the Model Y. Using a 240-volt charger, it takes seven hours to fully charge it from 10%.

Another cool feature is that using an accessory converter, you can turn the charging port into a 120-volt outlet to charge small appliances or even a laptop. That makes it the perfect companion on a camping trip. It can also even add a slow charge to another EV.

The Ioniq 5 is also available in single and dual motor versions, to give it all-wheel drive if you need the extra traction. The base Ioniq 5 with the Standard Range battery has a single 168 horsepower electric motor, but if you want a sportier driving experience, the dual-motor version has 320 horsepower on tap.

With that much power, the dual-motor Ioniq 5 feels a lot more lively than some of its rivals, but it’s not quite as fast as the Model Y. But compared to the Tesla, the Ioniq 5’s suspension provides a smoother ride. Plus the Ioniq 5’s interior is so quiet that it makes the overall driving experience more relaxing.

Inside the Ioniq 5’s cabin is spacious and serene. It has an incredibly long wheelbase that provides class-leading legroom in the front and back, which makes it feel larger than the Ford Mustang Mach-E or VW ID.4. The Ioniq 5’s minimalistic interior looks great and it is also made out of sustainable and recycled materials.

Moving past the spacious interior, the Ioniq 5 also gets the latest tech features, like dual 12.3-inch screens and an augmented reality head-up display. Even the adaptive cruise control will learn your driving style to eventually mimic how you respond on the highway.

At the end of the day, the 2022 Hyundai Ioniq 5 is one of the most compelling new EVs to enter the market, making it the perfect rival to the Tesla Model Y. With its more affordable price tag and long driving range, the Ioniq 5 not only puts Tesla on notice but the whole segment. Hyundai isn’t stopping with the Ioniq 5, since it will soon introduce the Ioniq 6 electric sedan and the Ioniq 7 electric SUV.