The Hyundai Ioniq 5 quickly became one of the most popular electric vehicles on the market. The value-oriented small electric SUV proved practical and affordable for most American drivers. As a result, it won several awards, including World Car of the Year. The Ioniq 5 has earned the favor of several popular automotive publications. It set the stage for the Ioniq 6, an electric sedan with great potential. Ioniq 5 sales are down. Is it time for another small electric SUV to take its place?
Sales of the Hyundai Ioniq 5 are taking a hit in the fourth quarter
According to InsideEVs, Ioniq 5 sales have declined since June. Sales have hit an all-time low month after month. This drop in sales can be attributed to the Inflation Reduction Act of 2022. The law gives an advantage to electric vehicles made in the United States.
The first wave of Ioniq 5 models benefited from the federal EV tax incentive, but that won’t be the case for the new 2023 Ioniq 5. Also, Hyundai has increased the price of the small electric SUV. So many consumers will pay over $7,500 more for a new Ioniq 5 because it is now excluded from the revised tax incentive.
The 2022 Hyundai Ioniq 5 has a starting MSRP of $39,950. After tax incentives, its price was closer to $32,450. The 2023 Ioniq 5 starts at $41,450. Since it won’t be eligible for any incentives, the new model is significantly more expensive than last year’s model.
One of the main strengths of the Ioniq 5 was its affordability. If the electric SUV is almost as expensive as its rivals, does it still have a competitive advantage? It’s the perfect opportunity for another small electric SUV to steal the show.
The 2023 Ford Mustang Mach-E Could Be Huge For Ford
The Ford Mustang Mach-E was initially met with much skepticism from Blue Oval fans. How could an electric vehicle live up to the legacy of the Mustang? The Mach-E quickly showed that it had sports car DNA.
The Ford Mustang Mach-E combines the practicality of a small SUV with the design aesthetics and driving dynamics of a muscle car, especially in the higher trim levels. The Mustang Mach-E GT Performance can go from 0 to 60 miles per hour in 3.5 seconds. The nameplate may have become popular, but all hasn’t been smooth sailing for the small electric SUV.
Could the Ford Mustang Mach-E be the best-selling small SUV?
The Mach-E is experiencing reliability issues. It has been withdrawn from the market for serious software problems that have resulted in complete immobility and overheated batteries for some Mach-E controllers.
Ford has beaten Hyundai in overall EV sales. The Mach-E could become much more popular than the Ioniq 5 in 2023 once consumers are confident that the EV is reliable. car and driver praises its styling, acceleration, and driving range. If any small electric SUV can replace the Ioniq 5 as the leader in its vehicle segment, it’s the Mustang Mach-E.