The Hyundai IONIQ 5 has made a significant comeback in the electric vehicle market, with sales jumping 33% last month compared to February 2025. The surge in demand has led Hyundai to offer an additional $10,000 discount on its top-selling EV model, making it even more attractive to potential buyers. This move is part of the company's efforts to compensate for the loss of the $7,500 federal tax credit that ended at the end of September. By offering a significant price cut, Hyundai aims to boost sales and stay competitive in the rapidly evolving electric vehicle market.
Despite the decline in EV sales reported by other automakers, Hyundai's IONIQ 5 has posted its best February sales month in the US yet. The company sold 3,239 units of the IONIQ 5 last month, with a total of 5,326 units sold so far in 2026, representing a 14% increase compared to the same period last year. This impressive performance is a testament to the growing demand for electric vehicles and Hyundai's efforts to capitalize on this trend.
Hyundai's decision to offer a $10,000 discount on its IONIQ 5 model is not an isolated incident. Many other automakers have also been reducing prices on their top-selling EVs in response to the loss of tax credits. Ford, for example, reported a significant decline in Mustang Mach-E sales, while Honda Prologue sales dropped by 63% compared to February last year.
The IONIQ 5's strong performance is all the more impressive given the challenges faced by the electric vehicle market. The end of the $7,500 federal tax credit has led to a decline in EV sales for many automakers. However, Hyundai's efforts to offer competitive pricing and incentives have helped it stay ahead of the curve.
The new $10,000 discount on the IONIQ 5 is part of Hyundai's Getaway Sales Event, which started on March 3. The event offers up to $10,000 in total savings on every IONIQ 5 and IONIQ 9 trim, making it an attractive option for buyers looking to purchase a new electric vehicle.
To take advantage of the savings, buyers must finance their purchase through Hyundai Motor Finance with delivery by March 31, 2026. Additionally, Hyundai is offering 0% APR financing for up to 72 months on select models, plus an extra $5,000 off the 2026 IONIQ 5. This makes leasing the IONIQ 5 a highly competitive option.
The IONIQ 9, Hyundai's three-row electric SUV, is also listed with monthly leases starting at $369. While not as affordable as the IONIQ 5, the IONIQ 9 offers more space and versatility for families or those who need more room.
Hyundai is not the only automaker offering a significant discount on its top-selling EVs. The 2026 Chevy Equinox EV is also available with a $10,000 total cash allowance, while Toyota has up to $7,000 in lease cash and 0% interest for 72 months on select models.
As the electric vehicle market continues to evolve, it's clear that automakers are getting creative with their pricing strategies. By offering competitive discounts and incentives, Hyundai is hoping to attract more buyers and stay ahead of the competition.
