Hyundai's latest EV is a threat breathing down Tesla's neck

In a July 2024 appearance on the Decoder podcast, Rivian CEO RJ Scaringe told host and The Verge editor-in-chief Nilay Patel that the supposed slowdown in EV growth is end result of the an "extreme, normally extreme lack of choice," noting that buyers will not have many decisions at an "reasonably priced" price point in addition to two compelling products from Tesla.

"While you spend lower than $50,000 for an EV, I’d say there’s an extremely, very small collection of serious products," Scaringe said. "Tesla Model 3 and Model Y are highly compelling, great products, but they don’t have a lot of competition."

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Though Scaringe recognized the Model 3 and Y as quality cars, he noted that much of its competition are copycats that do not offer much in addition to looking like Teslas; normally treating the Model Y as a one-size-fits-all solution.

"So maybe they wanted a real SUV and got an extremely car-like crossover with the Model Y," Scaringe said. "Perchance they wanted something that prove to be slightly bit bigger, but they got something that prove to be more like the Model Y. Perchance they didn’t love the Tesla look, but it no doubt’s the proper product, so as that they took the Model Y."

South Korean automaker Hyundai (HYMTF) knows that cars, particularly EVs, do not be boring to offer something that sets itself except its competitors, as its newest model edges itself as a threat against Tesla's bestseller.

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Hyundai's new IONIQ 5

In an announcement on September 3, Hyundai unveiled a refreshed version of its edgy, futuristic-designed IONIQ 5, featuring many new features that place it even more prominently on Tesla's radar.

Rather then the refreshed body, some of essentially the most apparent change to the IONIQ 5 is the larger batteries, which allow longer trips between charges.

Same old-range models that previously had a fifty eight kWh battery now have a 63 kWh battery, unlocking up to 240 miles of range. Alternatively, long-range models have an upgraded eighty four kWh battery that's expected to enable over 310 miles of range.

But in light of the current infrastructure-driven nightmare that's EV charging rife with "charger hogs," the IONIQ 5 is the primary Hyundai EV that comes standard with the "Tesla plug;" or the North American Charging Same old (NACS) port. While all new and refreshed Hyundai EVs will feature the emblem new port starting in This autumn 2024, the IONIQ 5 may well be the primary to make some of essentially the most of charging at greater than 17,000 Tesla Superchargers.

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Cooler, smarter design

While the emblem new IONIQ 5 features enhanced styling with new front and rear bumpers, a rear spoiler and new wheels that enhance aerodynamics, a lot of its new features are supposed to enhance the user experience.

While Tesla relies heavily on a minimalist design that relegates all functions to a huge touch screen within the center of the "dashboard," Hyundai designers know that its customers will not fare well with controls that do not belong in a "normal" car.

Though a 12.3-inch screen featuring a "next-gen infotainment system" with wireless Apple CarPlay and Android Auto sits front and center on the dashboard, Hyundai has redesigned the climate keep an eye on and added buttons for on a typical basis used functions.

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Meet the XRT

The addition of a new rugged, off-road-inspired model known because the IONIQ 5 XRT sets it apart even in the same way from "mundane" EVs like the Tesla Model Y.

In response to Hyundai, the XRT slots in between the "regular" car and the Porsche-beating IONIQ 5N and is "designed to appeal to customers preferring to play within the dirt and have all-electric adventures."

The XRT boasts a shopping list of off-road modifications, including XRT-exclusive front and rear bumpers, side skirts, and unique 18-inch wheels. In comparison with the regular IONIQ 5, the XRT is given an inch lift for additonal ground clearance and features a groovy digital camouflage finish on the bumpers.

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A sales champion

In response to some of essentially the most up-to-date data released by Kelley Blue Book and Cox Automotive, the Hyundai IONIQ 5 ranks one of many bestselling EVs, placing itself because the fourth absolute best-selling EV after Tesla's Model Y, Model 3, and Ford's Mustang Mach-e within the 2nd quarter of 2024.

Alternatively, new changes for 2025, except the physical changes to the car, would help Hyundai establish its IONIQ 5's bestseller status in concrete terms and provide buyers who are disillusioned by Elon Musk's charisma over Tesla and his controversial views on a laundry list of politically sensitive topics.

The 2025 IONIQ 5 is set to be Hyundai's first US-made model at Hyundai's newest factory, the multi-billion-dollar Metaplant The americaa. in Bryan County, Georgia.

Hyundai said EVs built at its new Georgia plant may well be eligible for a $3,750 IRA tax credit, which is additionally used to purchase the car. Once it begins building batteries on the plant, Hyundai expects the emblem new IONIQ 5s to qualify for the final $7,five hundred IRA tax credit.

Hyundai Motor is traded on the OTC market less than the ticker HYMTF. On the time of writing, shares were up 1.forty one% from the outlet bell, trading at $63.85.

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