Hyundai Drops Kona EV Price, Axes Cheapest IONIQ 5 in Canada
Hyundai Canada has made some price adjustments to its 2026 models and at least one of them is now cheaper.
Once again available in a single trim level (Preferred), the 2026 Kona Electric starts at an all-inclusive price of $46,966, which is down $2,500 compared to 2025. There are no changes to equipment and components, mind you.
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That said, the optional Trend package is a bit more expensive for 2026, going from $1,400 to $1,750, while the Ultimate package remains at $4,800. The N Line Ultimate package, which required an additional $5,700 in exchange for sport seats and a sportier design, is no longer offered.
Hyundai’s decision to lower the price of the Kona Electric is likely due to the continued suspension of the federal ZEV incentive (and the upcoming reduction in Quebec’s own incentive in 2026). Not only that, but more affordable competitors are now in the picture including the redesigned 2026 Nissan LEAF ($47,846 in S+ trim; an entry-level S trim will come later) and the new 2027 Chevrolet Bolt ($43,470). Let's not forget the upcoming Kia EV3 and EV5.
IONIQ 5’s Base Price Goes Up
Meanwhile, some customers opting for the larger and more powerful IONIQ 5 will have to pay more for the 2026 model. Why? Because Hyundai has eliminated the base Preferred Standard Range trim, the one featuring a modest 168-horsepower motor and a small 63kWh battery allowing only 373 km of range. It carried an all-inclusive price of $55,966.
All 2026 IONIQ 5 models use the 84kWh battery including both the 225-horsepower, single-motor Preferred Long Range (504 km) and the 320-horsepower, dual-motor Preferred Long Range AWD (463 km). The good news is that their prices remain identical as in 2025, starting at $58,466 and $60,466 respectively. The same is true for the $6,000 Ultimate package, which raises the level of luxury and technology but reduces range to 425 km.