Hyundai’s electric vehicles are becoming more affordable in Korea. Hyundai unveiled new E-Value + trims for the IONIQ 5, IONIQ 6, and Kona EVs in its home market. The cheaper Hyundai EVs use the same battery as the standard models and start at around $22,500 with incentives. Will the new models make their way to the US?
Hyundai rolls out cheaper EVs in its home market
“We have prepared a practical trim that will expand the range of choices and lower the barrier to purchasing an electric vehicle,” a Hyundai spokesperson said.
Hyundai launched the new entry-level E-Value models to support the transition to electric vehicles (EVs). Despite the lower cost, Hyundai said the cheaper EVs will be powered by the same battery as its standard models.
The new E-Value IONIQ 5 gets up to 229 miles (368 km) range in Korea, while the IONIQ 6 and Kona Electric are rated at 228 miles (367 km) and 193 miles (311 km), respectively.
According to Hyundai, some specifications have been “slimmed down” to enable more affordable prices.
The starting price for the Kona Electric E-Value trim is $31,000 (41.42 million won), while the lower-priced IONIQ 5 and IONIQ 6 models start at $35,200 (47 million won) and $35,190 (46.95 million won), respectively.
Hyundai’s new E-Value, more affordable electric models (Source: Hyundai)
Hyundai said with government incentives, the actual purchase price is expected to be in the $22,500 (30 million won) range.
Will they make it to the US?
The news comes after Hyundai broke total and retail US sales records in August. As one of, if not the most important market for Hyundai, the company is heavily invested in the US.
Hyundai’s massive $7.6 billion Metaplant America (HMGMA) will open its doors later this year. The first model to roll off the production line will be Hyundai’s updated 2025 IONIQ 5 with more range and a bold new face.
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)
The 2025 IONIQ 5 will be the first Hyundai EV with a Tesla NACS port. It’s also gaining a rugged new XRT variant. The new off-road trim is designed for those “who want to play in the dirt and have all-electric adventures,” according to Hyundai Design North America’s senior manager of exteriors, Brian Arnold.
With a bigger, more efficient battery, the 2025 IONIQ 5 is expected to get over 310 miles range, up from 303 miles with the current model.
2025 Hyundai IONIQ 5 XRT (Source: Hyundai)
Ahead of the new model arriving at dealerships this fall, Hyundai’s IONIQ 5 set a new August sales record. With another 4,838 models sold in the US last month, Hyundai IONIQ 5 sales reached nearly 27,000 through the first eight months of the year, up 26% from 2023.
Hyundai will also unveil its first three-row electric SUV, the IONIQ 9, later this year. Ahead of its official debut, the IONIQ 9 was spotted in California as it finalized testing (see the video here).
Hyundai IONIQ 9 (SEVEN) electric SUV concept (Source: Hyundai)
Will Hyundai launch cheaper trims for EVs in the US? With US production starting later this year, it’s a possibility. But then again, Hyundai already has some of the most affordable EVs on the market.
The 2025 Hyundai Kona Electric starts at $32,675, while the 2024 IONIQ 5 and IONIQ 6 models start at $41,800 and $37,500, respectively. Hyundai is also passing the $7,500 tax credit on through leasing, dropping prices even lower.
2024 Hyundai IONIQ 6 Limited (Source: Hyundai)
According to Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the US was $48,644 in June.
Ready to see why Hyundai’s EVs are taking the US by storm? We can help you get started today. Check out our links below to view deals on Hyundai’s electric vehicles near you.
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Hyundai’s midsize SUV is already due for a facelift, including a new design and electrified powertrain. It’s not a pure EV, but the new Hyundai Santa Fe will offer electric-only driving.
Is Hyundai launching the Santa Fe EV?
The Santa Fe is slightly bigger than the Tesla Model Y and one of Hyundai’s most popular vehicles, so an EV version would make sense, right?
Hyundai introduced hybrid and plug-in hybrid powertrains for the 2021 model year. The fifth-generation, launched last year, brought a bold new look, added power, and a new hybrid option.
Now, it’s official, the next Santa Fe will be radically different from the current model. A camouflaged prototype was spotted in South Korea with a few design updates, but that’s not all.
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Although it’s still under wraps, a sticker on the side of the vehicle confirms that this Santa Fe is actually an extended-range electric vehicle (EREV). Hyundai announced plans to launch its first EREV in 2027 during last month’s CEO Investor Day.
2026 Hyundai Santa Fe Hybrid (Source: Hyundai)
According to Hyundai, the new electrified vehicle will offer an “EV-like” driving experience, delivering over 600 miles (960 km) of combined range.
The vehicle is still equipped with a battery for pure EV driving, but it also has a gas engine that acts as a generator to extend the driving range when the battery gets low. Hyundai will use in-house batteries, which it claims will offer “full EV power performance with less than half the battery capacity.”
The video from HealerTV takes a closer look at the vehicle to show where the battery and high-voltage lines are located.
Although it’s covered, you can see a few design updates, including new head and rear lights that appear closer to the Palisade.
While Hyundai is preparing to launch the Santa Fe EREV, Genesis is also planning to introduce its first extended-range EV. We caught a sneak peek of the Genesis GV70 EREV earlier this month, which is also expected to arrive in 2027. It will follow the luxury brands’ first hybrid, the GV80, due out next year.
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In the last week, two former Tesla self-driving/Autopilot program leaders have commented on the state of autonomous driving, telling a very different story than their former boss, Elon Musk.
Elon Musk has been notoriously wrong about predicting when Tesla would solve self-driving.
The CEO first announced that “all Tesla vehicles produced since 2016 have all the hardware necessary to achieve full self-driving,” and then claimed, every year from 2019 to 2025, that Tesla would deliver the capability through software updates by the end of each year.
He reiterated the prediction recently, saying Tesla would remove the safety monitor from its robotaxi service in Austin and enable “unsupervised self-driving” in consumer vehicles by the end of 2025.
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There’s been a running gag at Tesla about engineers finding out that the company is supposed to deliver something as Musk announces it publicly – leading to a large discrepancy between what Tesla is working on and what Musk claims it will deliver.
Self-driving has been a good example.
While Musk has repeatedly claimed for the last 6 years that Tesla is on the verge of solving autonomy, the people actually working on the technology are not really in agreement. Some of them who left are starting to speak out.
In a new podcast this week, the AI expect again warned that autonomy is not solved:
He said that he would “push pack” on the idea that what we are seeing in the world of autonomy today, with Tesla and Waymo, means it is a solved problem.
Karpathy said:
“[…] I think basically what takes the long amount of time and the way to think about it is that it’s a march of nines and every single nine is a constant amount of work, so every single nine is the same amount of work, so when you get a demo and something works 90% of the time, that’s just the first nine, and then you need the second nine, and third nine, fourth nine, fifth nine, and while I was at Tesla for five years or so, i think we went through maybe three nines or two nines. I don’t know, but like multiple nines of iteration, there’s still more nines to go, and so that’s why these things take so long […]”
Some data support what the engineer is claiming, as the latest FSD Beta software updates that the Tesla team delivered under his leadership did result in a significant reduction in driver intervention, but the progress has been much less evident since:
The first few ‘9s’ deliver a much greater impact, statistically, than the next ones, even though, as Karpathy pointed out, the next ones are just as important and they are just as tricky as the previous 9s.
While he highlights that there’s still a lot of work to be done, Karpathy did say that he belives Tesla’s approach to be more scalable.
He is not the only former Tesla Autopilot program leader to speak out recently.
Sterling Anderson is recognized as the first Autopilot program leader at Tesla in 2015-2016. He now leads global products at GM, which announced this week that it plans to launch level 3 autonomous driving in 2028.
During the event announcing the new autonomous driving timeline at GM, Anderson took a jab at his former employer:
Our customers have driven over 700 million hands-free miles with Super Cruise without a single accident attributed to the technology. I led Autopilot, and you can’t say that for Autopilot. I think this is the long-term play: we build trust with customers by delivering safe products.
The GM executive favor the more careful approach to autnomous driving.
Electrek’s Take
As I often point out, there’s what Elon says, and there’s what Tesla’s lawyers say.
Elon’s own lawyers say Tesla shareholders shouldn’t listen to him, calling his statements “mere corporate puffery.” That’s an actual quote.
I do believe that Tesla will achieve unsupervised self-driving in consumer vehicles at someone point, but I don’t have any evidence that it is close to happen.
As Karpathy said, there are still several 9s to go through before it can be at 99.9999999%, which is needed for level4-5 autonomy, and each of those 9s represent years of work.
I think there’s a clear discrepenacy between how Elon talks about self-driving at Tesla and what people who are actually building those systems, like Anderson and Karpathy from 2015 to 2022, are experiencing.
Elon has been lucky to find Ashok, Tesla’s current self-driving leader, who seems to be perfectly willing to endorse his consistently wrong FSD predictions.
It’s not really surprising when you know that Ashok is the one who produce the infamous FSD demo of 2016. As Karpathy pointed out, we should be doubtful of AI demos.
Looking the prediction markets, people don’t really believe in what Elon is claiming. On Polymarket, people who have been betting on Tesla’s not delivering unsupervised self-driving this year have made a lot of money:
Elon reitereted the goal this week and the “no” answer still gained ground after his claim that Tesla was on track.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes Rivian’s new ALSO e-bike, FLIT sells a pound of caviar with its new lightweight folding e-bike, Florida wants e-bike riders to get a license, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 11:00 a.m. ET (or the video after 12:00 p.m. ET):
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