Hyundai IONIQ 5: Car and Driver’s EV of the Year

Hyundai Motor Co.'s all-electric IONIQ 5 crossover has won another industry accolade in the US, gathering momentum to expand its market share in the world’s third-largest electric vehicle market even as the country has decided to remove tax credits for EVs made outside of North America.

US automotive magazine Car and Driver said on Thursday it has selected the IONIQ 5, the first model of Hyundai’s dedicated battery electric vehicle (BEV) lineup, as its EV of the Year.

The publication put 20 top-rated EVs through tests in four categories – value, mission fulfillment, technology advancement and how fun they are to drive. The IONIQ 5 beat contenders such as the Tesla Model S Plaid, the Lucid Air Grand Touring, the Rivian R1T Launch Edition, the Porsche Taycan 4S Cross Turismo and the BMW i4 M50.

“The IONIQ 5 is an attractive proposition for buyers who desire the performance, range, and charging speeds of far more expensive EVs at an accessible price,” said Tony Quiroga, Car and Driver's editor-in-chief. 

US RAISES BAR FOR TAX CREDITS

The award comes on the heels of US President Joe Biden on Aug. 16 signing the Inflation Reduction Act into law, which includes provisions to raise the bar for tax credits on EVs made outside of North America, a move countering China’s growing influence in the global economy. The law is expected to take a heavy toll on Hyundai and its affiliate Kia Corp. as they produce their EVs including the IONIQ 5 in South Korea.

Hyundai Motor Group in May unveiled a $10.5 billion plan to invest in the US. The investment package includes building its first dedicated full EV plant and battery manufacturing facilities in the US state of Georgia by 2025.

In the first quarter of this year, Hyundai and Kia together ranked as the No. 2 EV maker in the US after industry giant Tesla Inc. Hyundai is actively expanding its presence there, adding EV lines at its existing plant and planning a new factory dedicated to the eco-friendly vehicles.

The company also aims to bring new EVs to the US to attract customers there with the release of its first all-electric sedan IONIQ 6 next year.

“IONIQ 5 continues to satisfy customers and we will build on this momentum with the launch of the IONIQ 6 and 7,” said José Muñoz, president and CEO of Hyundai Motor North America.

Write to Han-Shin Park at phs@hankyung.com
Jongwoo Cheon edited this article.