Cheaper Hyundai Ioniq 5 confirmed for Australia! Electric SUV to get smaller battery and new model grades to compete with Kia EV6, Tesla Model Y

The Ioniq 5 will get cheaper in Australia soon thanks to a smaller battery pack.

If you’re keen on buying a Hyundai Ioniq 5 but think it’s too expensive, then read on.

Hyundai is set to expand its Ioniq 5 electric SUV range with a number of cheaper model grades and a smaller-capacity battery, and they could be here before the end of the year.

Currently, the Ioniq 5 is available in Long-Range single-motor rear-wheel drive (RWD) guise from $71,900 before on-road costs, and dual-motor all-wheel drive (AWD) from $75,900.

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Using the same 72.6kWh lithium-ion battery, the RWD delivers 160kW/350Nm and has a driving range of 451km, while the AWD pumps out 225kW/605Nm and drives for 430km between charges.

However, a Hyundai spokesperson has told CarsGuide that the company will introduce the smaller capacity battery, called Standard Range, as well as up to three lower trim grades.

The smaller 58kWh battery Standard Range is available internationally, including fellow right-hook market the United Kingdom, in three different trim levels.

If Hyundai Australia follows suit, that could lower the opening price of an Ioniq 5 by thousands of dollars.

While it is too early for Hyundai Australia to confirm details of the expanded range, it could bring the price down to $60,000, or possibly even lower.

That would undercut the Kia EV6 that has a starting price of $67,990 for the RWD Air, and put it in competition with the Polestar 2 ($59,900) and Tesla Model 3 sedan (from $59,990). Tesla hasn’t announced Model Y SUV pricing yet.

It would also be much cheaper than the Lexus UX300e (from $74,000), Mercedes-Benz EQA ($76,800), and Volvo XC40 Recharge Pure Electric ($76,990).

Hyundai’s other charged-up SUV, the Kona Electric, ranges in price from $54,500 for the Elite Standard Range and tops out at $64,000 for the Highlander Extended Range.

Depending on the market, 58kWh Standard Range variants are available as single-motor RWD (125kW/350Nm) and dual-motor AWD (173kW/605Nm), with a range of up to 384km.

Hyundai Australia did however rule out introducing the new larger-capacity battery version that has just been announced as part of a model year update.

A new 77.4kWh battery pack will be offered in some markets, along with tech upgrades including video-based digital interior and exterior mirrors, and a change to the damper settings for improved ride and handling.