Hyundai Ioniq 5 pricing announced, less than Tesla Model 3

Hyundai has revealed UK pricing and specifications for the Ioniq 5, its first electric vehicle built on a dedicated platform – and it will start from £36,995 ($A66,143 converted) on the road, a good £4,000 ($A7,150) pounds less than the Standard Range Plus Model 3.

It will be available in three trims, starting with the rear-wheel drive SE Connect which comes with a 58kWh battery, offering a combined range of 386km and the basic trimmings.

The next level up is the Ioniq 5 Premium 58kWh rear wheel drive ( from £39,295, or just over $A70,000 converted), which builds on the SE Connect by adding luxuries like heated driver and front passenger seats and steering wheel, and boosted safety features like Highway Drive Assist Level 2 with automatic lane change function.

Importantly, the Premium also adds the option of the much talked about Vehicle 2 Load pack (V2L), which allows for charging high-power electric equipment, consumer electronics or even another electric vehicle. The Premium is also available with the 73kWh battery in rear wheel and all-wheel drive.

Finally, there is the Ioniq 5 Ultimate 58kWh rear wheel drive, which adds such high-spec features as solar and privacy glass, heated rear seats, BOSE premium sound system, head up display with augmented reality, standard Vehicle 2 Load (V2L), sliding centre console and alloy pedals.

The Ultimate specification is also available with the 73kWh battery in rear wheel and all-wheel drive, both of which upgrade to 20” alloy wheels. The top cost for the Ultimate is roughly $A86,000, which includes the bigger battery and the all-wheel drive.

According to Hyundai UK, the Ioniq 5’s 73kWh battery pack offers a range of up to 482km with rear wheel drive, or 461km with all-wheel drive.

So what will the costs look like Australia? EV Central thinks the UK pricing makes it look a little more likely the Ioniq 5 will cost less than the base version of the Tesla Model 3 – although it would have to be competitve, considering last month’s up-to $A4,000 price drop in Australia.

As The Driven reported then, the Model 3 Standard Range Plus dropped to $62,900, while the Long Range variant also dropped by $4,000 down to $77,900. The Performance variant now costs $89,900, a more modest drop of $1,000.

Whatever the cost, the addition of the Ioniq 5 with its three variants and two battery size options will be very welcome in the Australian market and at a very welcome price that, on most counts, will come in under the equivalent version of the popular Model 3.