FOUNTAIN VALLEY, Calif.—The past couple of years have seen a flurry of new electric vehicles go into production. But you’d be forgiven for thinking that some of them are a little samey as automaker after automaker releases yet another electric crossover. This makes sense—consumers mostly want crossovers, as they combine hatchback practicality and a more elevated driving position. But the sedan isn’t quite dead yet, and now there’s another electric one for your consideration: the 2023 Hyundai Ioniq 6.
The Ioniq 6 is the latest in a series of new EVs to use Hyundai Motor Group’s new E-GMP architecture. Designed from scratch, E-GMP lets Hyundai (and Kia and Genesis) build medium- and larger EVs with rear- or all-wheel drive powertrains. E-GMP battery packs operate at 800 V, which provides several benefits. The higher voltage means a lower current, which translates to thinner wiring, which reduces overall mass. And it’s capable of very rapid DC charging—just 18 minutes to get from 10 to 80 percent when plugged into a 350 kW fast charger.
None of that will be news if you’ve read our reviews on other E-GMP EVs like the Genesis GV60, Kia EV6, or the Hyundai Ioniq 5. All three are rather good EVs, so expectations were high for the Ioniq 6.
As six follows five, it might be logical to expect that the Ioniq 6 is a larger, more expensive EV than the Ioniq 5. But that’s not the case—at $41,600, the Ioniq 6 starts at just $150 more than the boxy, angular Ioniq 5 crossover.
“We want our cars to always connect with customers on an emotional level,” said SangYup Lee, executive vice president and head of Hyundai Design Center. “Depending on the owner’s lifestyle, the way of using a vehicle will be different, resulting in a different look—much like chess pieces on a board, each one with a distinct look and functionality but part of the same family. Hyundai designs with diverse lifestyles in mind rather than with a one-style-fits-all approach.”

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Kind of tells the exact opposite story, doesn't it? The reality is that Hyundai simply doesn't care about the US market when they are in a supply-constrained manufacturing environment. In every other major EV market, every EV that they sell offsets heavy fines associated with fleet average emissions. That's not the case with the US market, since legislators in the US have decided on an "all carrot, no stick" approach to encouraging EV adoption.
The result is that every EV Hyundai sells in Europe or China (or Korea) has a much higher effective margin than one that they sell in the US. So why bother selling in the US?
Until they can match demand, Hyundai is basically just keeping the bed warm in the US, making sure that they have sufficient market share that consumers don't forget about them. And that strategy is working well enough, since Hyundai Group is in 2nd place for EV marketshare in the US, beating out Ford, GM, and VAG.
EDIT: Another point worth adding here is that Korea probably feels like America's "domestic only" IRA credits are more than a little bit alienating to its geopolitical partners in Europe and Asia. Despite being a viable alternative to the potential threat of Chinese domination in the future of EV supply chains, none of Hyundai's cars are eligible for the credits. So if they are going to need to cut their prices to compete in this market due to preferential incentives, it's yet another major reason to just cede the US market for now. At least until they get their Georgia EV & battery factory up and running in 2024 and can compete on an even playing field.