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Hyundai slashes Ioniq 5 entry price for MY24

New ‘Standard Range’ variant means revised Hyundai Ioniq 5 range starts from $64,500

25 Sep 2023

HYUNDAI had dropped the entry price to its Ioniq 5 electric SUV range by $7500 as part of a 2024 model year update that is available to order now from $64,500 before on-road costs.


That opening ticket buys a new ‘Standard Range’ variant with 58KWh battery pack and 125kW rear motor delivering a 384km WLTP range figure, while an extra $6000 upgrades to the 77.4KW battery and 168kW rear motor combination familiar from the outgoing Ioniq 5.


As well as neatly undercutting the most-affordable Tesla Model Y by $1000, it means more Ioniq 5 buyers are eligible for more state and territory subsidies, stamp duty exemptions and other electric vehicle incentives that in many cases are restricted to models costing less than $70,000.


Speaking at a media briefing on the fringes of the Melbourne Electric Vehicle Show last weekend, Hyundai Motor Company Australia COO John Kett said Ioniq models were on target to sell 2000 units by the end of this year.


If the supply chain stars align, this figure could include at least some of the 126 Ioniq 5 N performance models that were snapped up during the initial one-day pre-sale window on September 15.


Orders for the hot EV temporarily reopened during the course of the Melbourne event, where the Ioniq 5 N was on public display alongside the regular Ioniq 5 and Ioniq 6, as well as a pre-production example of the Kona Electric that will launch in the coming months.


Up to the end of August this year, Hyundai has sold 631 Ioniq 5s in Australia, up 51 per cent on the 418 delivered in the same period of 2022. Uptake of the Ioniq 6 sedan stands at 388 units since it launched in March this year, giving both models a similar monthly sales average of around 78 units.


Mr Kett said an Ioniq 6 update, likely to arrive in 2024, would replicate the broader variant mix and lower entry pricing of its boxier sibling, which along with the Kona Electric, will “make a pretty significant impact on our EV penetration for next year”.


With former mid-spec Ioniq 5 Techniq variants deleted, former entry-level Dynamiq trim moves up the range walk while gaining the option of a dual motor, all-wheel drive specification at $80,500 + ORC, or $4000 more than the rear-drive Dynamiq that omits the 74kW front motor.


Eponymous Ioniq 5 base models retain a long standard equipment list, supplanting leather-appointed seat upholstery to a combination of wool and leather while omitting the Dynamiq’s head-up display, hands-free power tailgate, rear privacy, alloy pedals and sliding centre console. The base model also makes do with a six-speaker audio system rather than the Dynamiq’s eight-speaker Bose premium setup.


Those who want all the trimmings but without dual-motor performance can now opt for a rear-drive Epiq at $79,500, a saving of $4500 over the 239kW AWD version, which has dropped in price by $981 for MY24.


Epiq grade adds a fixed panoramic glass roof with power-operated sunshade, power-adjustable seats front and rear with position memory, premium ‘relaxation’ front seats with ventilation, heated rear seats, rear door sunshades and a heated steering wheel.


A new Epiq-only digital mirror option pack enables 100 per cent camera-based rear vision via door-mounted pods in place of the wing mirrors and an interior mirror that can switch between regular self-dimming or camera projection operation, for $3000.


The exterior vehicle-to-load adaptor is no longer included with any variant and becomes an accessory available at dealers for extra cost. However, all Ioniq 5 variants retain the interior vehicle-to-load outlet.


Hyundai says it made digital mirrors optional on the top-spec Ioniq 5 as a result of customer feedback while upgrading the system to include the interior central digital mirror.


The company has also upgraded thermal management across the Ioniq 5 range, meaning all variants get the previously Epiq-only heat pump system plus battery heating and battery conditioning for greater energy efficiency.


On its 19-inch wheels with 235/55 Michelin Primacy 4 tyres, a base Ioniq 5 with the bigger battery has a 507km WLTP-rated range, dropping to 476km on rear-drive Dynamiq and Epiq variants that now both have 20-inch alloys inside 255/45 Michelin Pilot Sport EV rubber.


Range for dual-motor variants is 454km (WLTP). Only the entry-level Ioniq 5 is available with the smaller battery pack.


Besides digital mirrors, the sole Ioniq 5 option is matte paint, offered on Dynamiq and Epiq variants for $1000.



2024 Hyundai Ioniq 5 pricing*:


Standard Range 2WD (a)


New variant

Extended Range 2WD (a)


New variant

Dynamiq 2WD (a)



Dynamiq AWD (a)


New variant

Epiq 2WD (a)


New variant

Epiq AWD (a)



N AWD (a)


No change

 *Excludes on-road costs.

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