Hyundai prices Ioniq 5 EV from $40,925

Hyundai is launching its first electric vehicle on a dedicated platform — the Ioniq 5 compact crossover — with aggressive pricing to match its ambitious styling.

The first batch will go on sale in the U.S. in late December.

The SE standard range, with 168 hp and 220 miles of EPA range, starts at $40,925, with shipping. The base version will not be available until spring 2022, Hyundai said Monday.

The SE standard range comes with a single motor driving the rear wheels. At launch, the base is the only trim in the U.S. to have the smaller, 58 kilowatt-hour battery pack.

Hyundai EVs are eligible for the U.S. federal tax credit up to $7,500, plus state and local incentives.

The Ioniq 5 SE trim with the larger 77.4-kWh battery and 303 miles of range starts at $44,875, with delivery fees. That model also has one motor driving the rear wheels, but raises output to 225 horsepower.

The SE trim with two motors and all-wheel drive starts at $48,375 with shipping. Power rises to 320 horsepower and range falls to 256 miles, Hyundai said.

The mid-level SEL trim starts at $47,125 with shipping for the single-motor version. Adding awd adds $3,500 to the sticker. The Limited starts at $51,825 with shipping and the dual-motor Limited starts at $55,725.

Hyundai said the Ioniq 5 "includes unexpected levels of standard equipment," including an 800-volt battery architecture allowing for ultra-fast charging. Other key standard features include a 12.3-inch infotainment system, a full safety suite and a driver-assistance feature for stop-and-go driving on highways, Hyundai said.

The Ioniq 5 also comes with two years of free, unlimited charging on the Electrify America network.

Although the most inexpensive Ioniq 5 model comes up short on range and power compared to rivals now on the market, it beats them on price and remains competitive while climbing the trim ladder.

The base Ioniq 5 is priced below the base Volkswagen ID4 electric crossover, starting at $41,190. The ID4 has greater range at 260 miles. The base Mustang Mach-E with 230 miles of range starts at $44,995, with shipping.

Although the Ioniq 5 is not a direct competitor to the Tesla Model Y in a comparison of base models, it could be at the higher end.

The most inexpensive Tesla Model Y starts at $60,440, with shipping, and has 330 miles of estimated EPA range, awd and ample horsepower. A dual-motor Ioniq 5 Limited would cost significantly less but also have 74 miles less range.

A more logical competitor for the Tesla crossover would be the Genesis GV60 coming next year. It's also built on Hyundai Motor Group's E-GMP electric platform but will be more luxurious and powerful than the Ioniq 5.