Hyundai IONIQ 5 more expensive than Tesla Model 3

The all-new 2022 Hyundai IONIQ 5 will start from $71,900 plus on-road costs at launch, making it easily the most expensive electric car from the Korean brand that will be ineligible for EV rebates currently available in some Australian states.

As revealed by carsales last week, Hyundai will launch the IONIQ 5 using a new direct online sales platform in Australia that bypasses both traditional pricing negotiations and dealers.

Stock of the new mid-size electric vehicle will be limited to 400 examples initially, with the rear-wheel drive model opening proceedings at $71,900 plus ORCs and the all-wheel drive variant starting from $75,900 plus ORCs.

The positioning of the IONIQ 5 SUV is above the entry price of the similarly-sized Tesla Model 3 sedan – carsales’ Best Electric Car for 2021 – which starts at $59,900 for the entry Model 3 Standard Range, moving up to $73,400 for the Model 3 Long Range and $86,900 for the Model 3 Performance.

However, Hyundai is set to introduce more affordable versions of its third electric vehicle as additional stock trickles through the supply chain amid rampant global demand and production hold-ups.

Unlike the Hyundai Kona Electric (from $54,500) and IONIQ Electric (from $49,970), the IONIQ 5 will not qualify for a $3000 EV rebate in NSW or Victoria as it exceeds the price threshold in those states. It will qualify for stamp duty exemptions, however.

All versions of the 2022 Hyundai IONIQ 5 are equipped with LED headlights, front guide lights and tail-lights, 20-inch wheels, leather-appointed “sustainable eco-pressed” seats with 12-way front power adjustment, a heated steering wheel, heated and ventilated front seats, heated rear seats, a vision glass roof with power sunshade and a powered tailgate.

Infotainment is headlined by dual 12.3-inch screens – one in the centre fascia, the other in the instrument cluster – featuring Apple CarPlay and Android Auto smartphone compatibility and a Bose eight-speaker premium audio system.

Each IONIQ 5 boasts seven airbags and an extensive suite of active safety and driver assistance systems bundled under Hyundai’s SmartSense umbrella, including autonomous emergency braking (AEB) with pedestrian and cyclist detection plus junction turn and crossing assist, blind spot collision avoidance, blind spot monitoring and much more.

The entry version of the IONIQ 5 features a rear-mounted 160kW electric motor that draws power from a 72.6kWh lithium-ion battery, providing a 451km range and 0-100km/h claim of 7.4sec.

Upgrading to the all-wheel drive variant combines a 155kW rear-front mounted electric motor and 70kW rear-mounted electric motor for a combined system output of 225kW.

It also draws power from a 72.kWh battery, offering a 430km range and 5.2sec 0-100km/h claim.

Both IONIQ 5 variants are fitted with 400V or 800V charging capability. When connected to a 350kW DC ultra-rapid fast-charger, a charge from 10-80 per cent is achieved in a claimed 17min16sec. That extends to 56:30 for a standard 50kW fast-charger or just over six hours for a standard AC connection.

There’s also a clever vehicle-to-load (V2L) function that supplies charge to electric devices such as e-bikes, scooters or camping equipment with 3.6kW of power from a port under the second-row seats when the vehicle is on, or via an external port even if the vehicle is turned off.

Measuring 4635mm long, 1890mm wide and 1605mm high, the IONIQ 5 squeezes between the Hyundai Tucson and Santa Fe for overall dimensions and offers a 531-litre boot that extends to 1591L with the rear seats folded. There’s also at least 24 litres of storage under the bonnet.

Hyundai says deliveries of the new IONIQ 5 will occur on a first come, first served basis, following 11,000 expressions of interest and 120 deposits placed at dealerships over the past eight months.

Customers who have already placed orders will be given preference in the first of three delivery phases, with the ability to secure their IONIQ 5s from September 27, 2021.

Next in line are those who have previously registered interest in the IONIQ 5, with an ability to place an order from October 12.

Finally, orders for any remaining IONIQ 5 stock will open to the general public on October 13.

Hyundai says orders will be secured via a $2000 deposit, and “after the initial allocation of 400 vehicles is exhausted, expressions of interest will continue to be taken and Hyundai will remain in close contact with all interested customers”.

Most Hyundai dealers will be completely removed from the sales process in Australia, with the car-maker instead opting to utilise 10 dedicated ‘delivery partners’ from its network.

The car-maker’s dedicated network of 32 Hyundai BlueDrive dealerships will be charged with facilitating key IONIQ 5 aftersales support and servicing of the new electric model.

How much does the 2022 Hyundai IONIQ 5 cost?
2WD – $71,900
AWD – $75,900
* Prices exclude on-road costs

Related: Hyundai IONIQ 5 to be sold exclusively online
Related: Hyundai IONIQ 5 video walk-round