Benzinga | Dec 14, 2021 04:34AM EST

Hyundai Ioniq 5 Electric Crossover To Be Available In US Starting At $33,200

South Korea's Hyundai Motor Co (OTC:HYMTF) on Monday revealed the pricing of its soon-to-be-launched electric crossover utility vehicle Ioniq 5 in the United States.

What Happened: The most affordable variant of the Ioniq 5 line will go on sale at a starting price of $33,200, which includes a $7,500 federal incentive, for a 58kWH battery option and a 220-mile range.

The top-end variant with a limited edition will be priced at $47,000, including the federal incentive.

Hyundai is offering a total of seven variants for the electric crossover -- of which two are limited editions. The variants are a mix of a smaller 58kWH and the larger 77.4 kWh battery pack.

This is Hyundai's first electric car built from a dedicated electric vehicle platform.

The automaker said the Ioniq 5, which goes on sale in December, would allow owners to charge their vehicle from 10% to 80% in just 18 minutes. Hyundai is also throwing in unlimited 30-minute charging sessions for two years on Electrify America's chargers.

See Also: Hyundai Commits $7.4B To Make Electric Vehicles In US

Why It Matters: The Korean automaker earlier this year said it would spend $7.4 billion by 2025 to make electric vehicles, upgrade production facilities, and further fund smart mobility solutions in the United States.

The subsidiary will begin electric-vehicle production in 2022 at its Alabama manufacturing facility.

Hyundai is among a growing breed of legacy automakers alongside General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F), which are rushing to switch to electric vehicles and take a slice of the market currently dominated by Tesla Inc (NASDAQ:TSLA).

Price Action: Hyundai's OTC stock closed 0.51% lower at $40.68 a share on Monday.

Photo: Courtesy of Hyundai