Hyundai Ioniq 5 to cost less than Tesla Model 3? Maybe…

May 8, 2021September 20, 2021 John Carey 5239 Views Hyundai Ioniq 5, Tesla Model 3

With the announcement of UK pricing for the Ioniq 5, it now looks a little more likely the exciting Hyundai EV will cost less than the Tesla Model 3.

For Brits, the most basic version of the Ioniq 5 will be the equivalent of $7000 cheaper than a Model 3 Standard Range Plus. In Australia this most affordable version of Tesla’s best-selling EV is around $65,000 before on-roads.

If Hyundai Australia was equally aggressive with its market positioning, the Ioniq 5 line-up here would open below $60,000.

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That would make the Ioniq 5 slightly cheaper than the Kia EV6 with which so much is shared beneath the skin (both share the same E-GMP achitecture and 800V electrical system).

But there’s a reason this is unlikely to happen. It’s called the Kona Electric. The base-grade version of this recently facelifted Hyundai costs $62,000 in Australia before on-road costs.

The plate is German, but this is a right-hand drive Ioniq 5 in the UK for pre-launch media drives

There’s another way to look at the Ioniq 5 versus Model 3 price question…

Using the current Australian Dollar to Sterling exchange rate, the £36,995 UK price of the basic Ioniq 5 translates to $66,000, around $1000 more than the Model 3 Standard Range Plus.

But however you look at it, the Australian pricing of the Ioniq 5 is going to be very, very competitive with the Model 3.

The UK Ioniq 5 line-up, which will go on sale later this year, is extensive. There are rear-drive versions with 58kWh and 73kWh battery packs, all-wheel drive variants with the larger pack, and three equipment grades.

The top Ultimate grade all-wheel drive is the most expensive. Its Brit price translates to $86,000. And this is well below the Australian price of the Tesla Model 3 Performance.

John Carey

Grew up in country NSW, way back when petrol was laced with lead. Has written about cars and the car business for more than 35 years, working full-time and freelance for leading mags, major newspapers and websites in Australia and (sometimes) overseas. Avidly interested in core EV technologies like motors and batteries, and believes the switch to electromobility definitely should be encouraged. Is waiting patiently for someone to make a good and affordable EV that will fit inside his tiny underground garage in northern Italy, where he's lived for the past decade. Likes the BMW i3, but it's just too damned wide...