Hyundai targets EV affordability with global price cuts

On the Dash: 

• Hyundai extends major EV discounts overseas, including up to $34,000 AUD off in Australia.
• U.S. 2026 IONIQ 5 prices drop up to $9,800, starting at $35,000, with leases from $249/month.
• Discounts reflect Hyundai’s push for EV affordability, supported by higher production and strong sales. 

Hyundai is extending its major EV discount overseas following a nearly $10,000 price cut on its 2026 IONIQ 5 in the United States. In Australia, the automaker is offering reductions of more than 34,000 Australian dollars ($22,400) on select IONIQ 6, Kona Electric, and Inster EV models. 

The price cuts reflect Hyundai’s commitment to affordability and come as record vehicle sales and increased output at its new EV plant in Georgia help reduce costs, which the company is passing on to consumers.

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In the U.S., the 2026 IONIQ 5 now starts at $35,000, making it one of the most affordable EVs on the market alongside the Chevy Equinox EV and Nissan LEAF. Hyundai is also offering a $7,500 cash incentive for 2025 IONIQ 5 models through at least the end of October. Lease options start at $249 per month for the SE RWD Standard Range trim, with the long-range SE RWD available for $259 per month and offering a driving range of up to 318 miles.

In Australia, discounts include up to 34,142 Australian dollars (AUD) off 2023 IONIQ 6 inventory and nearly 10,000 AUD off the IONIQ 5. The Inster EV, Hyundai’s most affordable electric car in Australia, received a 3,925 AUD price reduction and now starts below 40,000 AUD. The discounts apply to driveway prices in New South Wales and are available nationwide. Strong EV demand in Australia continues, with electric vehicles accounting for 11.3% of new car sales in September.

Hyundai’s U.S. price reductions followed the expiration of the $7,500 federal EV tax credit, while Australian discounts aim to maintain competitiveness amid surging demand for EVs. By leveraging higher production capacity in Georgia, Hyundai is able to pass savings to consumers, reinforcing its strategy to make EVs more accessible.

With these international price cuts, Hyundai positions its EV lineup as highly competitive in both the U.S. and global markets, potentially influencing the pricing strategies of rival automakers in the coming months.