Hyundai Ioniq 5: Lower cost version with smaller battery on the way

Hyundai is looking to introduce more affordable variants – with a smaller battery – of its popular Ioniq 5 to the Australia EV market, although it is unable to confirm when these will become available.

The ground-breaking EV, which was the first to be launched with the ability to power devices straight from the large lithium-ion battery (called vehicle-to-load), currently starts from $71,900 before on-roads for a rear-wheel-drive model with 160kW single rear motor.

Upgrading to the all-wheel-drive model with a 155kW motor on the rear and 70kW motor on the front axle bumps the starting price up to $75,900. Both vehicles have a 73kW battery and are available in the “flagship” grade trim.

A spokesperson for Hyundai said Australian consumers could expect “similar line-ups to those seen in overseas markets – including the smaller battery version (potentially up to 3 trim grades),” although the timing has not been revealed.

In the UK, which compares well to Australia as it is also a right-hand-drive market, there are currently three trims and two battery sizes available.

In addition to the “Ultimate” trim, there is also an entry-level SE Connect trim as well as a mid-range “Premium” trim, with the RWD options available with either a 58kWh or 73kWh battery.

In the UK, Hyundai’s website currently says that the AWD Ultimate starts from £47,251 including VAT ($A90,320 converted) whereas the RWD option starts from £44,051 including VAT ($A84,203 converted).

Of course, this might not mean much unless more vehicles are made available. Hyundai has been overwhelmed by interest in the top ranking and multi-award winning Ioniq 5, but has only made around 500 available in the first 12 months.

So, assuming they get here, how much might the lower cost options cost in Australia?

Naturally, Hyundai is not placed to comment on this currently but if we apply an average factor of 1.62 to current UK prices compared to current Australia prices, we get the following chart below. Sharp eyes will notice immediately, if these prices play out, the entry-level Ioniq 5 would compete directly against the base-level Tesla Model 3 and the standard single-motor Polestar 2.