A month before its new crossover the Ioniq 5 arrives in Canadian showrooms, Hyundai sets a rebate-eligible price, following a trend seen with Volkswagen’s ID.4 and other new electric SUVs vying to win Canadian customers

Hyundai, the South Korean auto giant, has revealed the Canadian starting price of its new all-electric Ioniq 5 crossover SUV at $44,999, which qualifies the vehicle for provincial and federal rebates. The first units of the vehicles will be arriving next month, with already more than 2,000 pre-orders made by Canadians.

The Ioniq 5 comes in five different models: the Essential which is $44,999, with a range of 354 kilometres; the Preferred: $46,999 and 354 km; the Preferred Long Range: $51,999 and 480 km; the Preferred AWD Long Range: $54,999 and 415 km; and the Preferred AWD Long Range with Ultimate Package: $59,999 and 400 km.

Due to the Essential’s price tag, which sits below the federal EV purchase incentive program’s $45,000 cut off, all Ioniq 5 models will qualify for the $5,000 federal rebate as well as provincial rebate programs.

It’s a Canadian pricing strategy also seen recently with the launch of Volkswagen’s new ID.4 electric SUV.

Two battery options

The Ioniq 5 is the first of multiple new EVs that will be built on its new electric-global modular platform (E-GMP). The vehicle supports ultra fast 800-volt charging that can take its battery from 10 per cent to 80 per cent in 18 minutes. A five-minute 350 kWh charge can give a range of up to 100 km.

The Ioniq 5 comes with either a 58 kWh or 77.4 kWh battery pack option. The 77.4 kWh battery pack comes in two electric motor layouts — either with one motor driving the rear wheels only or two motors driving the rear and front wheels. The dual-motor setup will deliver 320 horsepower and 446 lb-ft. of torque, which is enough power for the Ioniq 5 to go from 0 to 100 kilometres in 5.1 seconds, says Hyundai.

The Ioniq 5 can power up electrical devices or other EVs, thanks to its Vehicle-to-Load (V2L) technology.

Hyundai has also included, for the first time, a Highway Driving Assist 2 feature in the vehicles to make driving safer by maintaining and pre-setting distances and speeds between cars while driving on the highway.

“The Ioniq 5 offers the hallmark traits found in the popular crossover segment: utility, space, cutting-edge design, advanced safety technology and available all-wheel drive. With Ioniq 5’s arrival, Canadians have all that in addition to the added benefit of a vehicle designed to be fully electric, and from the ground-up,” says Don Romano, president and CEO of Hyundai Auto Canada in a press release.

“We’ve seen an unparalleled level of excitement surrounding Ioniq 5 from customers and dealers, and we’re thrilled to bring to market an EV presenting tremendous overall value, and also a variety of battery and drivetrain options.”

More EVs to come

The Ioniq 5 is the latest EV that Hyundai is offering its Canadian clientele. The automaker previously released the Ioniq Electric, the Kona Electric and its hydrogen fuel cell SUV Nexo.

The company has announced an ambitious plan to introduce 23 battery electric vehicle models and sell one million BEVs worldwide by 2025.