2024 Hyundai Ioniq 6: US pricing…
Today we are finally getting official pricing info about the Hyundai Ioniq 6 EV in the US. Hyundai now mentions a base SE model with a smaller, standard-range, battery. Similar to the Ioniq 5. Except that for a while, it had claimed the Ioniq 6 would only be available with the larger battery pack as standard equipment. (They had done the same thing before the Ioniq 5 came to the US)
I had heard a rumor at the Los Angeles auto show about the Ioniq 6 sedan being priced lower than the Ioniq 5 in the US. As you can see above, this will not be the case. But very close. As the 2023 Ioniq 5 starts at only $150 less than its new sedan cousin.
At the top end, the Ioniq 5 AWD Limited is actually $400 more than the Ioniq 6 AWD limited. This will all come down to the buyer’s preference, whether you like a sedan or not. Unlike the Tesla Model 3 Vs. the Model Y. The Model Y is much roomier and has standard AWD. (At least in the US)
While the Ioniq 5 is still competitive against the Model Y, it’s a different story for the sedan. A loaded Ioniq 5 is still around the same price as a Model Y, which is loaded, to begin with. (Except for color choices). The difference is the federal incentives Tesla qualifies for. But the base Ioniq 6 sedan is now about the same price as the Model 3. For that money, the Tesla is, again, pretty loaded. While the Hyundai is a basic model with a smaller battery. If you want to match the Model 3’s level of equipment, you have to get the Limited model for about $10 000 more than the Tesla.
This is all kinds of wrong for Hyundai. Having your new model priced at $10 000 over the most popular electric sedan in the world will be a very tough sale. On top of that, no matter how great their cars are, Hyundai’s image is still a problem for higher-priced products. Like it or not, Teslas are what most people want when they get an EV.
Trying to sell a Hyundai against a Tesla at these prices will be very tough IMO. Sure, dealers and ads will tout the $41 600 base price. But again, this is a base model.
For most people, it will come down to Tesla’s far superior charging infrastructure, a much higher level of equipment, a longer range, and a faster car. All for a lot less money. And, the added bonus of not having to haggle with greedy dealers. On the other hand, Hyundai has a much nicer color choice and it’s not run by Elon Musk.
I really liked the Ioniq 6 at the Auto Show. And think it does look very impressive inside and out, and also much nicer in person. I’m not sure what they could do to make the car more attractive to more buyers.
Usually, lease prices could be a way to compete. Currently, the Ioniq 5 lease is at $539 a month with $4000 down for 39 months. Which doesn’t seem that bad, but keep in mind this is for a basic SE RWD model with a small battery, a $41 450 car. While again, the Tesla is loaded and costs $55 000. With a current lease of just $90 more per month.
As for the Model 3, the cheapest lease is now $349 a month. A lease on the Ioniq 6 will probably be very similar to the one for the Ioniq 5. Or about $200 more than the Tesla.
The Ioniqs are great cars. I am a huge fan of the Giugiaro-influenced Ioniq 5. But Tesla’s price reductions have made this a very tough place for competitors. I really don’t see how Hyudai can sell that many of these.