The 2021 Hyundai Ioniq has become the second electric car to announce a price increase since the NSW and Victorian governments offered $3000 tax incentives on electric vehicles.
When it was first introduced into the Australian auto market in 2018, the Hyundai Ioniq was then the most affordable electric car with a price of just below $45,000.
Hyundai’s short-range 2019 Ioniq with 28kWh battery appealed to a wider demographic than any EV in Australia before it, and when the South Korean carmaker saw fit to upgrade the 280km driving range to 311km with a 38.3kh battery in 2020, the price still sat under $50,000.
And it still does, but only just. Now, the Hyundai Ioniq Electric Elite’s starting price has increased by $1,000 to $49,970 including on-road fees, and the Hyundai Ioniq Electric Premium which comes with more features has also increased by $1,000 to $54,010 before on-roads.
The price hikes for the Ioniq coincide with a $1,000 increase in the MG ZS EV, Australia’s cheapest available electric car, to $44,990 drive-away.
Hyundai has also raised the price of the Ioniq Premium plug-in hybrid by $1000, to $47,950 including on-roads, and the ordinary hybrid variant has also increased by $1000 to $41,390 plus on-roads.
As Car Advice notes, price increases on the Ioniq range were planned before the NSW and Victorian governments announced electric car discounts, according to a Hyundai Australia representative.
Although the entry-level versions of the Ioniq Hybrid and Plug-In Hybrid are still listed as available on the Hyundai Australia website, they have been removed from industry price lists.
Hyundai’s other electric vehicle Kona Electric, has remained unchanged in price, despite falling under the rebate program’s pricing thresholds in NSW and Victoria.
In May 2021, the Victorian government announced a $3000 discount for electric car buyers (that will be at least partially offset by a new and unpopular road user tax) and from September 2021, buyers of electric cars in NSW will receive a $3000 rebate and a stamp duty exemption.
The NSW and Victorian governments are offering $3000 cashbacks on electric vehicles that cost less than $68,750.
The price rise comes as Hyundai readies to introduce a third electric model, the Hyundai Ioniq 5 that will be a step-change for the company as it is the first to be built on a purely electric platform and will feature a “vehicle-to-load” capability that will allow drivers to power devices and tools straight from the lithium-ion battery,
Bridie Schmidt is lead reporter for The Driven, sister site of Renew Economy. She has been writing about electric vehicles since 2018, and has a keen interest in the role that zero-emissions transport has to play in sustainability. She has participated in podcasts such as Download This Show with Marc Fennell and Shirtloads of Science with Karl Kruszelnicki and is co-organiser of the Northern Rivers Electric Vehicle Forum. Bridie also owns a Tesla Model 3 and has it available for hire on evee.com.au.