Hyundai has significantly increased discounts on the Ioniq 5 electric crossover, offering benefits of up to ₹10 lakh on remaining MY2024 stock. This is a major jump from the ₹7 lakh discount offered earlier this month and is now officially listed on Hyundai’s website, confirming what several dealers had already begun offering.
Discount Breakdown
- ₹10 lakh off on 2024 model year stock
(Exact split between cash discount, exchange bonus, and loyalty benefits not disclosed.) - ₹2.05 lakh benefits on 2025 model year units
- ₹2 lakh cash discount
- ₹5,000 scrappage bonus
With an ex-showroom price of ₹46.30 lakh, the full discount brings the effective price of the 2024 Ioniq 5 down to ₹36.30 lakh. Strong negotiators may even bring this closer to ₹35 lakh, making the EV far more attractive than before.
Why the Huge Discounts? Poor Sales Tell the Story
The Ioniq 5 has been facing sluggish demand in India:
- October 2025: Only 6 units sold (down 81% YoY from 32 units)
- September 2025: 6 units sold
- Jan–Oct 2025 cumulative: 219 units
For comparison, Hyundai sells more Cretas in a single day than the Ioniq 5 sells in an average month.
Tough Competition
The Ioniq 5 is now squeezed between:
- Premium EVs: BYD Sealion, BYD Seal, BMW iX1 LWB
- Mainstream EV SUVs: Mahindra BE 6, XEV 9e, Tata Harrier EV, upcoming Mahindra XEV 9S
Combined with no new GST benefits for EVs, premium electric models like the Ioniq 5 have been pushed into relying on heavy discounts to attract buyers.
Strong Product, Weak Segment
Launched in January 2023 at ₹44.95 lakh, the Ioniq 5’s price gradually increased to ₹46.30 lakh, even as newer rivals entered the market.
Key Specifications
- 72.6 kWh battery
- 217 PS / 350 Nm rear-mounted motor
- 631 km claimed range
- 10–80% charging in 18 mins (350 kW DC fast charger)
Notable Features
- Parametric pixel LED design
- Vehicle-to-load (V2L) functionality (3.6 kW output)
- Dual 12.3-inch screens
- Bose sound system
- Ventilated & powered front seats
- Level 2 ADAS
- BlueLink connected car tech
Despite its ageing lifecycle, the Ioniq 5 remains feature-loaded and future-ready.
Is the Ioniq 5 Worth Buying Now?
Yes — if the on-road price drops close to ₹35 lakh.
At that level, it becomes:
- More competitive against the Harrier EV, XEV 9e, and other premium EVs
- Backed by Hyundai’s wider service network and stronger ownership experience
- A compelling long-term EV purchase with solid build and impressive range