Prices slashed by up to $8000 on Hyundai electric cars, as brand sharpens entry-point to 2026 Hyundai Kona EV and Ioniq 5 to better fend off Kia and BYD

Hyundai has sharpened the price of some of its sought-after electric cars, with both the Kona EV small SUV and Ioniq 5 mid-size SUV having their entry-point slashed by up to $8,000.

The new Kona Electric Standard Range variant now kicks off the range, starting from $46,000, which notably undercuts the entry-point to the EV3 (from $47,600) from its sister brand, Kia.

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This still places the Hyundai Kona above popular entry-point rivals from China, which include the BYD Atto 3 ($39,990), Leapmotor B10 ($37,888) and Jaecoo J5 EV ($35,990), the latter was the second most popular EV in the country in May.

The price cuts to the entry-level Kona Standard Range also come with a reduction in standard equipment, with the entry-level variant now not including a heat pump for more efficient climate management, electrochromatic rear-vision mirror, V2L port in the cabin, or a standard wall plug charging cable.

Hyundai has also expanded the Kona Electric range, adding a new mid-grade Elite variant to the line-up. Priced at $53,000, it sits between the Extended Range ($50,000) and Premium ($60,000) grades. 

The Elite grade maintains the same 150kW electric motor and 64.8kWh battery as the Extended Range variant, but adds synthetic leather interior trim, 19-inch alloy wheels, powered driver and passenger seat adjustment, privacy glass, heated front seats, and an electrochromatic rear vision mirror.

Specifications for the rest of the Kona Electric range remain the same.

See the full pricing scheme in the table below.

2026 Hyundai Kona

	Price (MSRP)	Battery (range)	Power outputs
Standard Range	$46,000	48.6kWh (370km)	99kW/255Nm
Extended Range	$50,000	64.8kWh (505km)	150kW/255Nm
Elite	$53,000	64.8kWh (444km)	150kW/255Nm
Premium	$60,000	64.8kWh (444km)	150kW/255Nm
N Line Premium	$63,000	64.8kWh (444km)	150kW/255Nm

Hyundai has also modified its Ioniq 5 pricing structure, with the new entry-point to the range being the RWD version at $68,200, also an $8000 price cut on the outgoing version.

It also comes with reduced equipment levels, with the brand removing the standard wall socket charging cable and interior vehicle-to-load port.

The price cut places the Ioniq 5 in closer proximity to the mid-grade version of the ever-popular Tesla Model Y (Long Range AWD - $68,900), high-grade versions of the Toyota bZ4X Touring and its Subaru Trailseeker twin (both $69,990), as well as high-trim Volkswagen ID.4 GTX AWD ($69,990) or the Skoda Enyaq Sportline 85 ($68,990).

It handily undercuts its sister car, the Kia EV6, which in base Air RWD form is still $72,660.

The other three variants of the Ioniq 5 range have had their pricing revised with the same equipment levels as before, with the wall plug charger curiously removed from the flagship Ioniq 5 N, which has not had its price altered as part of this swathe of updates.

See range pricing in the table below

2026 Hyundai Ioniq 5

	Price (MSRP)	Battery (range)	Power outputs
Ioniq 5	$68,200	84kWh (570km)	168kW/350Nm (RWD)
Elite	$73,200	84kWh (530km)	168kW/350Nm (RWD)
N Line Premium	$83,700	84kWh (495km)	239kW/605Nm (AWD)
N	$115,000	84kWh (448km)	448kW/740Nm (AWD)

It was quick to the electric space, but sales of Hyundai’s range of EVs has been sluggish as the competition picks up.

Both aggressively-priced new brands from China and new offerings from legacy players are squeezing the Korean brand, with Ioniq 5 sales sliding 38.5 per cent year-on-year, racking up just 224 registrations.

The brand’s new Elexio mid-size SUV, which shares its platform with the popular Kia EV5 and is also built in China, has already racked up more than double the Ioniq 5’s registrations this year, with 549 units on the board.