The Hyundai IONIQ 5 remains one of Americaโs most popular EVs outside Tesla, with October sales up 21%.
๐ The Core Development
While the Tesla Model Y and Model 3 still dominate the US electric vehicle market, accounting for about 50% of all sales through the third quarter , it was the Hyundai IONIQ 5 that ranked third.
The market has slowed since the $7,500 federal tax credit was removed last September, with several automakers reporting fewer EV sales than in 2025 when buyers rushed to claim the credit.
๐ Background & Sector Context
Hyundai responded by cutting prices on the 2026 IONIQ 5 by up to nearly $10,000 on some trims, with a new starting MSRP of around $35,000.
As the market shows signs of recovery, IONIQ 5 sales bounced back in October, rising 21% to 1,981 units.
๐ Industry & Real-World Impact
Through the first 10 months of 2026, Hyundai sold 33,093 IONIQ 5s in the US, still down 23% from the more than 42,700 it sold during the same period last year, when credit was still available.
Benchmark Telemetry & EV Fuel Savings
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๐ฎ Strategic Outlook & What Lies Ahead
Hyundai said the IONIQ 5 helped drive growth as the company posted its best October in the US ever with 73,452 vehicles sold, a 5% increase YOY.
While Hyundai sold only 169 IONIQ 9s last month (-47%), sales are still up 49% through October, with nearly 6,700 units sold.
