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Hyundai’s EV Climbs the Podium
While the Tesla Model Y and Model 3 aren’t likely to lose the top two spots in the U.S. electric vehicle sales race anytime soon, the remaining top positions are still pretty much anyone’s ball game. In the second quarter of this year, the Hyundai Ioniq 5 secured third place with 10,940 sales, according to Cox Automotive.
That is a notable achievement, given that the Ioniq 5 outsold American-brand EVs such as the Chevrolet Equinox EV and Ford Mustang Mach-E. However, a report from The Korean Car Blog, citing The Ioniq Guy, suggests the model may be drowning in its own success. The publication states that while online EV finders show several Ioniq 5 units available for sale, the same cannot be said for actual dealer lots.
Pushing Buyers Toward the Plug
The report cites three factors that may explain why Hyundai isn’t supplying enough Ioniq 5s to the U.S. market. The first is rising gas prices, which have made electrified vehicles, including EVs and hybrids, more enticing than purely combustion-powered cars. The Korean marque may have benefited from this trend, posting a 90% year-over-year increase in hybrid sales in May, but the surge in interest may also have contributed to thinning stocks of its retro-futuristic EV.
Another factor cited is the so-called “2024 Lease Cycle,” in which two-year EV leases signed during the market’s promotional boom are now expiring, pushing more drivers toward newer models. The final factor is more speculative: Hyundai may have scaled back Ioniq 5 supply ahead of the federal EV tax credit’s expiration on September 30, 2025. That policy change caused the broader EV market to slow, but the report states that demand for the Ioniq 5 “remained incredibly robust.”
That is why the publication also offered several options for current lessees, including extending their leases until production catches up with demand, buying out their vehicles, or returning them and shopping for used examples.
Plenty of Alternatives
Buyers who cannot wait could consider other EVs with base prices below $40,000, including the Kia EV6 and Toyota bZ. The latter has recently posted significant sales growth despite Toyota moving more slowly toward EVs than many rivals. More budget-conscious shoppers could also consider the Nissan Leaf or Chevrolet Bolt EV, though both are smaller than the Ioniq 5, even though Hyundai’s EV looks deceptively like a compact hatchback.
The automaker's U.S. EV lineup currently centers on the Ioniq 5 and Ioniq 9. The standard Ioniq 6 has been discontinued, likely due to tariffs, but the performance-focused Ioniq 6 N is still available in limited quantities.
