Price range: Hyundai Ioniq 5 adds bigger batteries and better performance, but now even more expensive than Tesla Model Y

The critically acclaimed but slow-selling Hyundai Ioniq 5 SUV has given up any claim to being a competitor for the popular Tesla Model Y on-price with the introduction of its latest facelift.

While bigger batteries with extended driving range, added model choice and other substantive changes are part of the package, $2300 price rises now pitch the cheapest Ioniq 5 $11,900 above the entry-level Model Y.

Australia’s most popular electric SUV starts from $55,900 plus on-road costs, while the singe motor Standard Range Ioniq 5 is now $67,800.

READ MORE: Hyundai Ioniq 5 N: This is the most fun electric car ever!
READ MORE: Everything you need to know about the Hyundai Ioniq 5 N hyper EV in Australia: Price, wait times and order numbers revealed

The mid-spec all-wheel drive Tesla Model Y is $69,900, while the cheapest AWD Ioniq 5 is the $83,500 Dynamiq.

The biggest gap is between the $82,900 Tesla Model Y Performance and the startling $111,000 Ioniq 5 N. But this is unchanged as the N is the only model in the range not to climb in price.

The Ioniq 5 becomes more expensive at a time when many rival EVs have been getting cheaper, including the Model Y.  Just this week, the Renault Megane E-Tech’s recent $10,000 discount to $54,990 has been made permanent.

The hike  also creates more of a gap to the $66,000 starting price of the Toyota bZ4X.

Hyundai is struggling to gain much buyer interest in the Ioniq 5 in Australia despite plenty of positive reviews, Just 541 have been sold in Australia in the first six months of 2024 compared to 12,516 Model Ys.

It recently abandoned online fixed pricing for both the Ioniq 5s and Ioniq 6 and now sell them through its traditional dealer network.

More Hyundai Ioniq 5 models added

In addition to the price rises there are now more price steps, because an N-Line pack has been added to the line-up.

Unlike some Hyundai N-Line packages they denote no performance upgrades but add only exterior and interior cosmetics.

Standard (simply known as Ioniq 5), Dynamiq and Epiq equipment lines are retained, but now added to the line-up are N Line versions of the Dynamiq and Epiq RWD and AWD.  

They are the most expensive models in each variant and add a further $2300. Here’s the full 2025 Hyundai Ioniq 5 price breakdown:

2024 Hyundai Ioniq 5 pricing

Hyundai Ioniq 5 63kWh – $69,800 (+$2300)
Hyundai Ioniq 5 RWD 84kWh – $75,800 (+$2300)
Hyundai Ioniq 5 Dynamiq RWD – $80,800 (+$2300)
Hyundai Ioniq 5 Dynamiq RWD N-Line – $83,100
Hyundai Ioniq 5 Dynamiq AWD – $85,300 (+$2300)
Hyundai Ioniq 5 Dynamiq AWD N-Line – $87,800
Hyundai Ioniq 5 Epiq RWD – $84,300 (+$2300)
Hyundai Ioniq 5 Epiq RWD N-Line – $86,800
Hyundai Ioniq 5 Epiq AWD – $88,800 (+$2300)
Hyundai Ioniq 5 Epiq AWD N-Line – $91,100
Hyundai Ioniq 5 N AWD – $111,000

The question now is whether the Ioniq 6, will also go up in price in when it updates later in 2024.

So what do you get for your money with the new Hyundai Ioniq 5?

On the mechanical side the headline Ioniq 5 change are larger 63kWh and 84kWh battery packs. The smaller Standard Range climbs from 58kWh and the Extended Range from 77kWh.

The result is longer range between recharges but no more power and torque.

So the 125kW/350Nm rear-wheel drive Standard Range Ioniq 5 climbs from 384km to 440km; the 168kW/350Nm rear-wheel drive from 507km to 570km (on the most efficient 19-inch wheels) and the 239kW/605kW AWD dual motor Extended Range from 454km to 500km.

Ride and handling has been an area where the Ioniq 5 has copped some criticism for it behaviour on Australian roads.

Hyundai seems to have taken these criticisms to heart with some substantial chassis upgrades designed to improve dynamic quality.

The changes include upgraded body reinforcements in the B/C-pillar and door surrounds, rear wheelhouse and underbody crossbar.

Hyundai says the increased body stiffness results in improved steering response and feedback, reduced vibration through the steering wheel, enhanced body control and stability and improved NVH suppression.

Wait, there’s more

The Ioniq 5 also upgrades to the Hyundai Auto Group’s latest ccNC infotainment system, which enables wireless Apple CarPlay and Android Auto connection, the Bluelink connected car app and over the updates.

Multimedia and instrumentation continues to be presented via two 12.3-inch screens, the former now driven by a NVIDIA CPU claimed to have four times more computing power and 15 times more graphical processing power than the old system.

Safety boosts include upgraded autonomous emergency braking and autonomous driving capability, smarter navigation and parking assistance.

Cosmetic updates include new 19- and 20-inch alloy wheel designs for the standard and Dynamiq grades, while the Epiq adds LED headlights that can selectively switch off to avoid blinding oncoming drivers.

There are new bumpers, a revised front skid plate and rear spoiler and flat aluminium badging. A rear windscreen wiper is a much appreciated addition

Inside the centre console has been revised to allow easier access to seat heating and ventilation controls using physical buttons.

The steering wheel, instrument cluster bezel, multimedia screen, and seat pattern are all revised.

N-Line upgrades

N Line exterior equipment includes exclusive front and rear bumpers, gloss black mirror caps, body-coloured cladding and wheel arches, an exclusive 20-inch wheel design, a unique hidden lighting signature and flat aluminium N Line badging.

N-Line interior features include eco-processed Alcantara and leather-appointed seats in black, a semi-punched leather steering wheel, red stitching and accents and metal pedals and footrest.