More affordable Hyundai Ioniq 5 models coming in 2022

Less costly versions of the Hyundai Ioniq 5 will reach Australia in 2022, and they’re sure to qualify for the full range of EV rebates and incentives on offer in NSW and Victoria. It’s even possible that the most basic Ioniq 5 variant could be priced close to $60,000.

EV Central has learned Hyundai Australia is considering adding two new Ioniq 5 model grades below the fully loaded variants that were almost-instant sell-outs in late 2021. Our sources also indicate that a second smaller battery pack capacity is part of the provisional plan.

This means Australia’s Ioniq 5 line-up could by mid-to-late 2022 end up closely resembling the range Hyundai offers in the UK right now. And this is very good news. The more affordable model grades lose none of the Ioniq 5’s essential EV excellence.

FULL REVIEW: Hyundai Ioniq 5 AWD
FULL REVIEW: Hyundai Ioniq 5 RWD

It would also give Hyundai Australia an Ioniq 5 variant closer in price to the Kia EV6 Air, the entry-level version of the soon-to-arrive new model that shares the Ioniq 5’s electrical components and E-GMP architecture.

We’ve sampled the variant most likely to be the one to sneak below the incentive barrier in NSW and Victoria. Its full UK-market name is Ioniq 5 Premium 73kWh RWD, so it combines the larger battery pack with a single 160kW motor driving the rear wheels.

Premium is the mid-level equipment grade for the Ioniq 5 in the UK, below Ultimate but above SE Connect. And Ultimate is basically the same grade as the batch of Ioniq 5s snapped up by Australians late last year.

The step down to Premium grade is painless. The things that are missing, compared to Ultimate, are mainly about looks and luxury. Gone are the panoramic sunroof, 20-inch alloy wheels (19-inch instead), Bose audio system, leather upholstery, electric front passenger seat adjustment and heating for the steering wheel and rear seats.

What’s left is still a very fine EV, one with a real-world driving range of around 400km, unbeatable DC fast-charging speed, strong performance, great refinement, oodles of space, good quality, plus all the driver assist and infotainment tech you could want.  

Convert the UK retail price before on-road costs of the Ioniq 5 Premium 73kWh RWD to Australian dollars using current exchange rates and the result is an eye-popping $77,000 or so. But it turns out that Australia gets the Hyundai EV at pretty sharp prices if you do a straight conversion using today’s exchange rates. To buy the equivalent of Australia’s $75,900 Ioniq 5 AWD Brits must shell out the sterling equivalent of $90,000. Similarly, our $71,900 Ioniq 5 RWD is around $83,000 in the UK.

There’s almost $6000 difference between mid-grade Premium and top Ultimate equipment levels in the UK, so Hyundai Australia obviously has lots of options when it comes to adding more affordable variants to its Ioniq 5 range.

The UK line-up includes rear-drive models with a smaller 58kWh battery pack and less powerful 125kW motor in both Premium and SE Connect equipment grades. While the smaller pack reduces real-world range to a little over 300km, these are the equivalent of $5000 and $8000 less than the Premium 73kWh rear-drive model EV Central sampled in the UK.

There’s clearly potential for Hyundai to go head-to-head with the circa-$60,000 versions of the Tesla Model 3 and Polestar 2. If it really wants to.This question won’t be answered for a while yet. An announcement on the expansion of the Ioniq 5 line-up in Australia isn’t expected until the middle of the year… at the earliest.