Electric Hyundai Ioniq 5 will have Tesla-rivalling 300-mile range

Hyundai is building the Ioniq 5 to go the distance.

The automaker's first purpose-built electric vehicle for the U.S. is set to officially debut on May 24, but it has revealed that it will be available in a model that can go up to 300 miles per charge.

Tesla and Ford are the only brands that currently offer electric vehicles with a range that long.

Pricing hasn't yet been announced, but long range versions of the Ioniq 5 go for around $40,000 in South Korea, which is roughly the same as it charges for the Kona EV that sells in the U.S. for $38,000.

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Lower-range Ioniq 5 models have a starting price of $26,000 in South Korea.

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More details on the compact utility vehicle will be revealed during the live-streamed May 24 event, but Hyundai has confirmed that it will be able to double as a 3.6 kilowatt-hour generator for on site power that can run electrical equipment and be used to charge other electric vehicles, like scooters.

The Ioniq 5 is set to go on sale in the U.S. late this year.