Hyundai's Ioniq 5 EV crossover will start at $39,700 when it arrives

But you'll have to wait until spring for the small-pack 'SE Standard Range' at that price.

Hyundai Motor Group

Hyundai finally announced pricing for its hotly anticipated Ioniq 5 crossover EV, which is scheduled to hit select dealer show floors later this month. Depending on the battery size and drive type, prospective buyers should expect to pay between $39,700 and $54,500 for one of their own.

The Ioniq 5 will be available in three trim levels — SE, SEL, and Limited — and come with either a 77.4kWh pack, which is rated for 303 miles of range using RWD (256 miles with AWD), or a smaller 58-kWh battery with 220 miles of range.

Don't expect to see any of the smaller battery models on US roads to start. Hyundai is initially focusing on producing units with the larger battery pack and saving the 220 mile, 168 HP SE Standard Range until spring 2022. The 303-mile, 225HP rear motor SE starts at $43,650 ($47,150 for the 320 HP, AWD version, the RWD SEL will cost $45,900 ($49,500 for AWD) and the top of the line Limited will go for $50,600 as an RWD ($54,500 for AWD). Optional features and a $1,225 freight charges are of course extra.

Hyundai's pricing point puts the Ioniq 5 on par with the 2021 Kia Niro EV, which starts at $39,090, and the 2021 Volkswagen ID.4 with its $39,995 MSRP — even if you splurge for the Ioniq's higher trim levels, you'll only begin to stray into, say, the Mach-E's introductory price range ($42,895 for the base, $48,100 for Premium, and a smooth $60k for a GT).

Will the Ioniq 5's performance live up to the hype? Will its features overdeliver given its surprisingly affordable price tag? Find out later this week when our First Look at Hyundai's newest EV goes live. Stay tuned!