The Hyundai Ioniq 5 was one of the most popular crossover/SUV models in the United States last year, with almost 23,000 sales. Let's take a look at the new 2023 model year lineup.
The 2023 is a carry-over model year for the Hyundai Ioniq 5, with only slight changes. The most important thing is that prices went up.
The entry-level 2023 Hyundai Ioniq 5 SE with a Standard Range (SR) battery, has an MSRP of $41,450 ($1,750 more than a year go). The 2023 Hyundai Ioniq 5 SE with a 77.4-kilowatt-hour (kWh) battery is $1,850 more expensive. In the case of the SEL trim, the difference is $1,550, while the Limited trim starts $2,000 above the 2022 model year level.
The obligatory destination charge increased from $1,225 to $1,335 (+$110) too. But the worst thing is the lack of eligibility for the $7,500 federal tax credit, which means that the effective entry-level price is $42,785, compared to $33,425 at launch.
Here are the prices of all trim levels and versions. As we can see, the switch from RWD to AWD cost $3,500 ($3,900 in Limited trim). The switch to a bigger battery cost $4,050.
Prices
| Model | Base Price | Dest. Charge | Tax Credit | Effective Price |
| 2023 Hyundai Ioniq 5 SE SR RWD 19-inch | $41,450 | +$1,335 | N/A | $42,785 |
| 2023 Hyundai Ioniq 5 SE RWD 19-inch | $45,500 | +$1,335 | N/A | $46,835 |
| 2023 Hyundai Ioniq 5 SE AWD 19-inch | $49,000 | +$1,335 | N/A | $50,335 |
| 2023 Hyundai Ioniq 5 SEL RWD 19-inch | $47,450 | +$1,335 | N/A | $48,785 |
| 2023 Hyundai Ioniq 5 SEL AWD 19-inch | $50,950 | +$1,335 | N/A | $52,285 |
| 2022 Hyundai Ioniq 5 Limited RWD 19-inch | $52,600 | +$1,335 | N/A | $53,935 |
| 2022 Hyundai Ioniq 5 Limited AWD 20-inch | $56,500 | +$1,335 | N/A | $57,835 |
Considering that the Tesla Model Y and Ford Mustang Mach-E (the main competitors in the crossover/SUV segment) are eligible for the federal tax credit, it might be a very challenging year for the Hyundai Ioniq 5.
Hyundai says also on its website that the "2023 IONIQ 5 is available in limited quantities at select dealers in select states only, which indicates limited supply as well.
Basic specs
In terms of specs, the 2023 Hyundai Ioniq 5 is very similar to the 2022 model year. The powertrain output is the same, and the EPA combined range is expected to be the same - with one exception.
All-wheel drive versions will be rated at 266 miles (488 km), compared to 256 miles (412 km) previously. That's 10 miles or 3.9 percent more, but we don't know the nature of this particular update yet. The efficiency is higher, according to Hyundai's website. The 2023 model year is not yet listed on the EPA website.
| Model | Drive | Battery (kWh) | EPA Range | 0-60 mph (sec) | Top Speed |
| 2023 Hyundai Ioniq 5 SE SR RWD 19-inch | RWD | 58.2 | 220 mi* (354 km) | ||
| 2023 Hyundai Ioniq 5 SE RWD 19-inch | RWD | 77.4 | 303 mi* (488 km) | 115 mph (185 km/h) | |
| 2023 Hyundai Ioniq 5 SE AWD 19-inch | AWD | 77.4 | 266 mi* (428 km) | 5.0 | 115 mph (185 km/h) |
| 2023 Hyundai Ioniq 5 SEL RWD 19-inch | RWD | 77.4 | 303 mi* (488 km) | 115 mph (185 km/h) | |
| 2023 Hyundai Ioniq 5 SEL AWD 19-inch | AWD | 77.4 | 266 mi* (428 km) | 5.0 | 115 mph (185 km/h) |
| 2022 Hyundai Ioniq 5 Limited RWD 19-inch | RWD | 77.4 | 303 mi* (488 km) | 115 mph (185 km/h) | |
| 2022 Hyundai Ioniq 5 Limited AWD 20-inch | AWD | 77.4 | 266 mi* (428 km) | 5.0 | 115 mph (185 km/h) |
* estimated/unofficial values
Another change is a higher towing rating for the Hyundai Ioniq 5 - up to 2,300 pounds (1,043 kg) in all versions with a 77.4 kWh battery, compared to 1,650 lbs previously.
Here are the changes, according to Hyundai:
