Hyundai Ioniq 5 to cost less than Tesla Model 3? Maybe…
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.
UPDATE: Hyundai Ioniq 5 Australian pricing and specifications confirmed
UPDATE: Hyundai Ioniq 5 on sale October 12, less than 400 coming to Australia
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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.
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.
