Hyundai cuts IONIQ 5 prices as the new 2027 model launches in Korea

After reducing IONIQ 5 prices in the US by nearly $10,000 last year, Hyundai launched the refreshed 2027 model in Korea at a more competitive price.

Hyundai launches new IONIQ 5 in Korea at a lower price

The IONIQ 5 is among the most popular electric vehicles in the US, Europe, South Korea, and a few other overseas regions for a reason.

Based on its E-GMP platform, Hyundai’s electric SUV offers more than enough driving range, fast charging, and a surprisingly spacious interior.

With new competition emerging, including the refreshed Tesla Model Y Juniper, Hyundai launched the updated 2027 IONIQ 5 in Korea on Tuesday with new features and a lower price.

The 2027 IONIQ 5 is now available in five trims: E-Lite, Modern, Premium, Inspiration, and N-Line. Hyundai also consolidated the Standard model into one trim, E-Value+.

Hyundai reduced the price of the Modern trim by 1.6 million won ($1,000) and added features from the Exclusive model, while the Premium trim is 900,000 won ($600) less expensive than the outgoing version.

The new top-tier Inspiration trim offers advanced safety and convenience features, including Surround View Monitor, Front/Side/Rear Parking Collision Avoidance Assist, and Remote Smart Parking Assist 2.

It also includes the Comfort Plus package, which includes a front passenger power seat, memory systems for all seats, and a 2nd-row power-sliding seat.

All 2027 IONIQ 5 grades from the Premium trim now include tailgate emergency lights and a 100W USB charging port as standard.

The base 2027 Hyundai IONIQ 5 E-Value+ (Standard) starts at 47.35 million won ($31,000), undercutting the Tesla Model Y, including government incentives.

Prices for the other trims start at: Long Range E-Lite at 50.64 million won ($33,000); Premium at 58.25 million won ($38,000); Inspiration at 61.50 million won ($40,100); and N-Line at 59.45 million won ($38,800), including government EV tax benefits.

After Tesla cut prices last year, the Model Y RWD is on sale in Korea for 49.99 million won ($32,700).

The updated IONIQ 5 arrives after the Tesla Model Y became Korea’s best-selling vehicle last month, outselling every Hyundai and Kia model, including the Sorento and Grandeur.

What about in the US?

While Hyundai has yet to announce 2027 model-year changes, it has already slashed prices on the 2026 IONIQ 5 by up to $9,800 on some trims.

Starting at just $35,000, the IONIQ 5 is among the most affordable EVs in the US alongside the new Toyota bZ, Chevy Equinox EV, Chevy Bolt, and Nissan LEAF.

The base Standard Range SE model offers an EPA-estimated driving range of up to 245 miles, but for just $2,500 more, the SE RWD variant offers up to 318 miles.

Using a 350-kW, 800-V DC fast charger, the IONIQ 5 can add up to 178 miles of range in about 15 minutes.

The 2026 model also now features a built-in NACS port, enabling drivers to use Tesla Superchargers. It also comes with a CSS adapter for other public charging networks, such as Electrify America and ChargePoint.

While it’s about the same size as the Tucson at 183.3″ in length, thanks to its flat battery pack design, the IONIQ 5 has a longer wheelbase than the three-row Palisade, opening up 1321.9 cubic feet of total interior volume.

The interior features Hyundai’s latest tech, safety, and convenience features with dual 12.3″ driver cluster and infotainment screens that include standard wireless Apple CarPlay and Android Auto.

Hyundai also offers buyers a limited battery warranty covering manufacturing defects of the vehicle’s battery for 10 years or 100,000 miles, whichever comes first.

The IONIQ 5 continues to earn praise, being named the “best-of-the-best EV” and, most recently, the best family electric car for 2026 by Kelley Blue Book.

With leases starting at just $259 per month in June, the 2026 Hyundai IONIQ 5 is one of the best, if not the best, deals you can get on a new EV right now.

With up to $7,000 off 2026 IONIQ 5 models, or 0% APR financing for 72 months, plus an extra $1,000 off and zero payments for 90 days, the IONIQ 5 is hard to pass up right now. You can use our link to see local offers and find available 2026 Hyundai IONIQ 5 models in your area (trusted affiliate link).