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Hyundai launches aggressive IONIQ 5 discounts in Korea as EV sales slump
Hyundai introduced significant discounts on its top-selling EVs, including the IONIQ 5, IONIQ 6, and Kona Electric, in South Korea to overcome slumping sales. With government incentives, the IONIQ 5 now starts at just over $30,500 in Hyundai’s home market. Although demand remains strong in the US, Hyundai is still offering big savings opportunities.
Hyundai ramps up EV discounts in South Korea
On Wednesday, Hyundai launched a new EV discount promotion in Korea worth up to $3,500 (5 million won). Hyundai is offering between 3 to 5 million won ($2,000 to $3,500) in savings across its entire EV lineup.
The IONIQ 5 and 6 models are discounted at 3 million won ($2,000), while the Kona Electric is up to 4 million won ($2,700) off. Hyundai is offering up to 5 million won ($3,500) on electric vans, including the ST1 and Porter II.
Hyundai’s low-cost Casper Electric and IONIQ 5 N models get a 1 million won ($700) discount. Even the Genesis GV60 is discounted at 3 million won ($2,000) off.
According to Hyundai, the IONIQ 5 can now be bought for as little as 44.38 million won ($30,700) in Korea, down from 54.1 million ($37,400).
The savings include the 3 million won company discount, a 590,000 won Seoul government subsidy, and a “government subsidy and manufacturer discount proportional subsidy of 6.13 million won ($4,200). If you factor in benefits from its “2025 EV Every Care” promo launched last month, Hyundai said buyers will save even more.
The new discounts come as Hyundai deals with slowing EV sales in Korea. According to Chosun, Hyundai is halting IONIQ 5 and Kona EV production for a week later this month due to sluggish demand.
What about the US?
Although Hyundai’s EV sales are slowing in South Korea, the company continues gaining traction in the US market.
Hyundai is coming off its best January sales month in the US ever. With over 54,500 vehicles sold, Hyundai’s US sales were up 15% compared to January 2024.
The IONIQ 5 and IONIQ 6 set new January sales records with 2,250 and 871 models sold, respectively. Hyundai doesn’t provide a separate breakdown for Kona EV sales, but sales fell 34% across all powertrains.
With the upgraded IONIQ 5 and its first three-row electric SUV, the IONIQ 9, arriving this year, Hyundai expects to see even more momentum this year.
The new 2025 IONIQ 5 has an even more driving range of up to 318 miles, an upgraded interior and exterior design, and a NACS charging port to charge up at Tesla Superchargers.
Hyundai’s larger IONIQ 9 also includes a NACS port. Its 110.3 kWh battery provides a range of up to 335 miles, and its extended wheelbase opens to a spacious cabin with room for seven passengers.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 |
Hyundai will build both electric SUVs at its new manufacturing plant in Georgia as it expands US production. The 2025 IONIQ 5 starts at $42,500, while IONIQ 9 prices will be revealed closer to launch. Hyundai opened IONIQ 9 pre-orders in Korea this week, starting at just 67.15 million won ($45,800). With incentives, Hyundai said actual purchase prices are closer to 60 million won ($41,00).
Ready to check out Hyundai’s best-selling electric SUV for yourself? You can use our link to view deals on the Hyundai IONIQ 5 (2024 and 2025 models) at a dealer near you today.
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