Hyundai has rolled out one of its biggest-ever price reductions for the Ioniq 5 electric crossover, offering benefits of up to ₹10 lakh on remaining MY2024 units. This is a substantial hike from the earlier ₹7 lakh discount reported at the beginning of the month. The updated offer is now officially reflected on Hyundai’s website, confirming what several dealerships had already begun offering informally.
Discount Breakdown
For 2024 Model Year Units
- Flat ₹10 lakh discount
(Hyundai has not disclosed the exact breakup across cash discount, loyalty benefits, or exchange bonus.)
For 2025 Model Year Units
- ₹2.05 lakh total benefits, consisting of:
- ₹2 lakh cash discount
- ₹5,000 scrappage bonus
With the Ioniq 5 currently priced at ₹46.30 lakh (ex-showroom), the full ₹10 lakh benefit effectively brings the cost of the 2024 stock down to ₹36.30 lakh. Buyers with strong negotiation skills may even push this closer to ₹35 lakh, significantly enhancing the EV’s value proposition.
Why Such a Steep Discount?
Slowing Sales Are a Major Factor
The Ioniq 5 has faced a sharp decline in demand through 2025:
- October 2025: Just 6 units sold (compared to 32 units a year earlier)
- September 2025: 6 units sold
- Jan–Oct 2025 cumulative: Only 219 units delivered
To put this in perspective, Hyundai sells more Cretas in a single day than the Ioniq 5 sells in an average month.
Tough Competition Across Segments
The Ioniq 5 finds itself squeezed from multiple sides, with newer EVs offering more features, stronger performance, or better pricing:
Premium Electric SUVs & Crossovers
- BYD Sealion
- BYD Seal
- BMW iX1 LWB
Mainstream EV SUVs (Newer & More Value-Focused)
- Mahindra BE 6
- Mahindra XEV 9e
- Tata Harrier EV
- Upcoming Mahindra XEV 9S
Combined with the absence of new GST benefits for EVs, premium electric models like the Ioniq 5 have been forced to offer heavy discounts to stay competitive.
A Strong Product That’s Struggling in a Weak Segment
Although sales are slow, the Ioniq 5 remains a well-rounded electric crossover.
Key Specifications
- 72.6 kWh battery pack
- 217 PS / 350 Nm rear-mounted electric motor
- Claimed range: 631 km
- 10–80% charging in 18 minutes (350 kW DC fast charger)
Notable Features
- Parametric Pixel LED exterior design
- Vehicle-to-Load (V2L) capability (3.6 kW output)
- Dual 12.3-inch connected displays
- Bose premium sound system
- Powered & ventilated front seats
- Level 2 ADAS suite
- Hyundai BlueLink connected features
Even though the Ioniq 5 is approaching the midpoint of its lifecycle, its tech suite, design, and range still hold strong against many newer rivals.
Is the Hyundai Ioniq 5 Worth Buying Now?
Yes — especially if you secure the MY2024 stock close to ₹35 lakh (on-road).
At that price, the Ioniq 5 becomes a highly compelling alternative to modern EV rivals. Buyers benefit from:
- A feature-rich, future-ready EV
- Hyundai’s strong service network
- Proven reliability and ownership experience
- A large battery with real-world usable range
With the current discount, the Ioniq 5 is arguably one of the best EV deals in India’s premium EV space right now.
