Hyundai’s Best EV Is Now Cheaper Than Ever (but There’s a Catch)

Hyundai’s Best EV Is Now Cheaper Than Ever (but There’s a Catch)

Korean automaker Hyundai has announced that its small electric SUV, the Ioniq 5, will be getting a 2024 refresh in Australia, and that the car will start at a much lower price point than ever before.

The Ioniq 5 is one of Gizmodo Australia’s favourite EVs, with a brilliant interior and a terrific exterior design. However, at $72,000, it held a price point that made it less accessible than the Cupra Born, Tesla Model 3 or the Polestar 2 2022.

Now, Hyundai is bringing down the cost of the Ioniq 5 across the board. The entry-level 2024 Hyundai Ioniq 5 will now start at $64,500, with a revised entry-level model that has quite a substantial catch to it. The entry-level model will now come with 384km WLTP range (58 kWh battery), a substantial downgrade from the entry-level model of 2024, which offered 507km range.

There is also an ‘extended range’ variant of the entry-level model, which offers up to 507km WLTP range with 19-inch wheels, or 476km with 20-inch wheels (77.4 kWh battery). The extended range variant starts at $70,500, which is still below the price of last year’s cheapest Ioniq 5, so if you were thinking of buying one of these cars and if you want the most range, you’d probably have your eye on this model to get the most bang for your buck.

Additionally, Hyundai has scrapped the ‘Techniq’ label from its Ioniq 5 lineup (the name previously represented the mid-range variant). In its place, the ‘Ioniq 5’ name is now the baseline name, the ‘Dynamiq’ name is now the mid-range vehicle, and the ‘Epiq’ is now the high-end model. For the first time, customers will be able to order the Dynamiq and Epiq models with their choice of either RWD or AWD drivetrains (the entry-level Ioniq 5 is only available in RWD).

On top of this, across all variants (including the entry-level model), a heat pump, battery heating system, and battery conditioning system has been introduced (these features were previously exclusive to more expensive models).

And, in addressing one of the concerns we had in our review, Hyundai has also cut down on its use of leather for the interior — but it’s still using it, no doubt. A wool-blend yarn and what Hyundai calls “eco-friendly leather bolsters” now make up the upholstery.

Exclusive to a premium package for the Epiq model, a new rear camera has been introduced, providing a 50 per cent rear view angle via the centre mirror (Hyundai is no stranger to this kind of technology; more expensive trims of the Ioniq 5, Ioniq 6, and its Genesis vehicles come fitted with digital cameras in place of the side mirrors). This extra adds $3,000 to the price, and for Dynamiq and Epiq customers, matte paint colours are available for an additional $1,000.

Before on-road costs, the entry-level Hyundai Ioniq 5 starts at $64,500, the extended range model starts at $70,500, the mid-range Dynamiq starts at $76,000, the Dynamiq AWD starts at $80,500, the Epiq starts at $79,500, and the Epiq AWD starts at $84,000.

Across the range, costs have come down: the entry-level model last year started at $72,000, the mid-range Techniq started at $79,500, and the top-of-the-line Epiq started at $85,000.

This is terrific to see. I hope more electric vehicles start to come down in price, particularly from brands that have been knocking it out of the park like Kia, Volvo, and Cupra. With much cheaper, and still fairly impressive, EVs from automakers like MG on the way, competition is heating up.

Image: Zachariah Kelly/Gizmodo Australia

Want more Aussie car news? Here’s every EV we’ve reviewed in the last two years, all the EVs we can expect down under soon, and our guide to finding EV chargers across the country. Check out our dedicated Cars tab for more.

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