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Finally cheaper than a Model Y? The retro-futuristic 2024 Hyundai Ioniq 5 range expands with more affordable-than-ever starting-point

Off the back of the pricey high-performance Ioniq N joining the range, the iconic electric SUV also gets more affordable.

Hyundai Australia has confirmed details on its 2024 Ioniq 5 range with a new, cheaper-than-ever entry-point and a more expansive range.

Three variants persist, with the base Ioniq 5, Dynamiq and Epiq grades now being broken down into two variants each.

Standard equipment across the range has also increased to include a heat pump and battery conditioning system, allowing for increased efficiency and range.

The headline inclusion is the new base model 125kW rear-wheel-drive standard range variant, which has a smaller 58kWh battery pack good for a WLTP-certified 384km driving range. This new entry-point is priced from $64,500 before on-roads and state-based discounts.

Next up, the base version can also be had with the Extended Range 77.4kWh battery pack with a slightly more powerful 168kW motor, still in a rear-drive configuration. This version can travel 507km on a single charge (on the base 19-inch wheel according to the WLTP standard). It costs from $70,500.

Standard equipment on the base Ioniq 5 grade includes 19-inch alloys, dual 12.3-inch screens for the multimedia and digital dash systems, LED lights, acoustic glass, wool yarn and synthetic leather seat trim with 10-way power adjust for the driver, dual-zone climate, a wireless phone charger, and the full safety suite.

Next, the mid-spec Dynamiq can be chosen in either rear-wheel-drive Extended Range ($76,000) or all-wheel-drive Extended Range ($80,500) forms, both with the 77.4kWh battery pack (for ranges of 476km or 454km respectively). The all-wheel-drive version has a 165kW rear motor and a 74kW front motor.

Additional equipment at the Dynamiq spec includes 20-inch alloy wheels with Michelin Pilot Sport tyres, tinted rear windows, a power tailgate, synthetic ‘eco-processed’ leather seats, heated front seats, 10-way power adjust for the driver, a sliding centre console, alloy pedals, a head-up display featuring augmented reality features and an eight-speaker Bose audio system.

Finally, the top-spec Epiq can be had either as a RWD or AWD with the same outputs and ranges, priced from $79,500 or $84,000. The Epiq can also be equipped with the $3000 digital mirror pack, consisting of two camera-based wing mirrors, and a digital centre mirror. The new centre mirror is said to offer a 50-degree wide-angle view, superior to the 20-degree view offered by a ‘conventional rear vision mirror’ according to the brand.

Additional standard equipment at the Epiq grade includes a fixed panoramic sunroof with a power sunshade, “relaxation” seats for the front occupants with memory adjust, power adjust for the rear passengers, built-in rear window shades, ventilated front seats, heated rear seats, and a heated steering wheel. 

The V2L adapter has been dropped to an accessory. Other changes include a more “eco-friendly” interior for the base car, with the seat upholstery said to be comprised of 30 per cent Australian-sourced wool yarn, with eco-processed synthetic leather bolsters. Hyundai says these new seats reduce CO2 in the production process by 24 per cent compared to “conventional polyester seat coverings”.

The new $64,500 entry-point makes the Ioniq 5 more competitive with its Kia EV6 sister car (from $72,590) but more importantly, makes the entry-point more affordable than the popular Tesla Model Y (from $65,400), although the Tesla is significantly more powerful.

Of course, the Ioniq 5 range will also be topped out by the performance N variant, which will land from $111,000 before on-roads, making it even more expensive than the EV6 GT ($99,590). The Ioniq 5 N puts out 448kW/740Nm from its dual-motor powertrain able to be boosted to 478kW/770Nm for a short time under a boost mode.

The N is expected to arrive in Q1 of 2024, with the first round of orders completed as part of a 12-hour pre-order window which opened on September 15.

 58kWh RWD77.4kWh RWD77.4kWh AWD
Ioniq 5$64,500$70,500--
Ioniq 5 Dynamiq--$76,000$80,500
Ioniq 5 Epiq--$79,500$84,000