More affordable Hyundai Ioniq 5s coming as early as 2022
As Hyundai Australia gears up to launch its new Ioniq 5 the company is already plotting a path to more affordable models.
Currently the crossover SUV – the first ground-up electric vehicle from Hyundai – is priced from $71,900 plus on-road costs or another $4000 for the dual-motor model.
At those prices it misses out on some of the generous rebates and incentives offered to EVs by some state and territory governments.
And it’s also about $12,000 more than the country’s top-selling electric car, the Tesla Model 3.
Each Ioniq 5 – both two-wheel drive and all-wheel drive – gets a high level of specification that includes a sunroof, leather seats, 20-inch wheels, 360-degree camera and heated and electrically adjustable seats front and rear.
But Hyundai Australia says more affordable Ioniq 5s are on the way, possibly as soon as next year.
SPECS COMPARISON: Hyundai Ioniq 5 v Tesla Model 3 v Kia EV6 v Polestar 2 v Volvo XC40 EV
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And they’re likely to come in under the $68,750 threshold to get a $3000 EV rebate in NSW and Victoria.
That’s important given the influx of new EVs, which is headed by the upcoming Polestar 2 priced from $59,900. Hyundai’s sister brands will also soon launch EVs using the same E-GMP architecture that underpins the Ioniq 5; they are the Kia EV6 and Genesis GV60.
Key to reducing the Ioniq 5 is batteries. Hyundai has all but locked in the smaller battery version of the Ioniq 5 for Australia. Given batteries are the most expensive component of an electric car that in itself should shave thousands off the asking price.
And that’s just the start of the evolving Ioniq 5 lineup.
“In terms of other specifications for Ioniq 5, there’s a lot of scope for us to scale down the feature level, including the battery and range,” says Hyundai Australia product planning manager Andrew Tuitahi.
“We can scale down to the 19-inch alloy wheels which would give us slightly longer range on the big battery. There’s lots of potential trim levels and specs that we could offer customers.”
The reason for the premium-first strategy for Ioniq 5 is a lack of supply and plenty of interest.
Hyundai Australia took some 13,000 expressions of interest on its website ahead of first online customer sales this week and the 240 cars available in the first batch – 160 less than the company told customers of – sold out within two hours following website crashes.
Tuitahi says it’s only a matter of time until the Ioniq 5 price creeps down from its lofty heights.
“As time progresses, as we see our supply change from the factory we’ll definitely consider lower specification levels and therefore lower pricing in future.”
Tuitahi says the company is monitoring feedback from those who were interested enough to register their email address and try to place a deposit on some of the first batch of cars into the country.
“As we’re taking expressions of interest we plan to capture what kind of specifications and features customers are interested in and we’ll take on board that feedback to guide our ordering process.”
While cheaper Ioniq 5s are on the way, so are more expensive ones – and ones that are a lot quicker than the models already on sale.
The long mooted Hyundai Ioniq 5 N – N being the performance sub-brand for Hyundai – is still bubbling along in the background and is currently undergoing testing at the Nurburgring track in Germany.
Clearly that N version would be more expensive than what’s on offer now, but it would also likely have to slot below the Genesis GV60 that shares the same E-GMP architecture and electrical components.
Tuitahi believes customers will be willing to pay for an Ioniq 5 N, which would be the most expensive car the company has ever sold.
“We’re very comfortable that if this car was to form as the basis for an N and we added the requisite N premium features and performance that customers would be comfortable paying for that as a Hyundai.”
