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The Ioniq 5 is once again eligible for the $7,500 tax credit
2025 Hyundai Ioniq 5
Hyundai
After a brief and confusing absence, the Hyundai Ioniq 5 is once again eligible for the full $7,500 federal tax credit — and this time, it’s sticking around (at least for now). So, what happened? Let’s unpack the ride.
The Ioniq 5, a sleek and tech-savvy electric crossover, initially made headlines not just for its design, but for being built at Hyundai’s brand-new Metaplant in Georgia. That domestic assembly qualified it for the EV tax credit under the Inflation Reduction Act (IRA), which requires vehicles to be made in North America with batteries sourced from trade-friendly countries. But early in 2025, the Ioniq 5 vanished from the list. Why? Likely due to its battery packs, which were then still being sourced from SK On’s Hungarian facility.
During that limbo, the only way to get the $7,500 incentive was to lease the vehicle—thanks to a legal loophole that treats leased EVs as “commercial vehicles,” skirting the strict sourcing requirements. Hyundai even stepped in with its own $7,500 discount for those financing or buying outright, softening the blow.
But as of late April 2025, the Ioniq 5 is officially back on the EPA’s eligibility list, thanks to Hyundai switching battery sourcing to SK On’s U.S.-based factory in Georgia. That means buyers can now get the tax credit up front at purchase—no lease gymnastics required.
Just make sure you qualify: Your adjusted gross income must fall below $300,000 (joint), $225,000 (head of household), or $150,000 (individual). Also, the vehicle’s MSRP must be under $80,000—which is no problem since the Ioniq 5 ranges from $44,075 to $56,975.
So if you’ve been eyeing an Ioniq 5, now’s a great time to plug in.
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Nick Godt has covered global business news on three continents for over 25 years.
Want to lease an EV? The Hyundai Ioniq 5 is incredibly cheap right now
The Hyundai Ioniq 5 has long been one of the most-loved electric vehicles, thanks to its unique and sleek design, solid range and charging speed, and reasonable price. But, it turns out, that price is even more reasonable than you might think — if you’re willing to lease it.
Current offers
Hyundai has been very aggressive in trying to get Ioniq 5 units into the hands of customers, and at the time of this writing, you could lease the vehicle for as little as $219 per month for 36 months, with $3,486.45 due at signing. Over the 36 months, that equates to around $315.85 per month. Not bad at all. That’s for the Ioniq 5 SE, which is the entry-level model.
To be fair, this particular lease deal expires on July 1, which is the day of writing this piece. However, it’s not alone — and as mentioned, Hyundai has been pretty consistent in offering the Ioniq 5 at incredibly low prices. As Electrek points out, this lease price is a lower price than the lease price for the Nissan Versa, which is the cheapest car in America to buy.
Don’t let the gimmicks fool you. The Ioniq 5 N is a serious track car
We’re finally getting to the fun part of automakers’ methodical quest to replicate their lineups with electric cars.
Performance versions of ordinary cars have been a staple of the auto industry for decades. But while we’ve already seen some variants of EVs boasting more power and more impressive stats — think Tesla Model S Plaid or Lucid Air Sapphire — the 2025 Hyundai Ioniq 5 N is the first to truly apply that format to an EV.
The Hyundai Ioniq 5 N makes one of the coolest EVs ready for the track
The Hyundai Ioniq 5 is getting even more powerful. Hyundai has unveiled a new variant of the now-loved EV, giving it the classic N treatment — and making for the new Hyundai Ioniq 5 N.
If you’re familiar with Hyundai’s N cars, you’ll know what this variant means. The new car boasts racing-style accents, turns the pixel design up to eleven, and, as you would expect, offers a new powertrain and a range of performance-focused features that will make driving the new Ioniq 5 N a whole lot more fun.
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