Hyundai Kona EV, IONIQ 5 get $8000 cheaper

Hyundai has permanently lopped $8000 off the retail prices of its Kona Electric and IONIQ 5 portfolio – 5 N excluded – and added an additional Kona variant so the EV range reflects the petrol and hybrid line-ups.

The move comes as Hyundai and other legacy brands look to try and keep pace with the influx of cheap Chinese plug-in hybrid and battery-electric vehicles that are rapidly gobbling up market share.

The price cuts mean the entry-level Kona Electric Standard Range now starts from $46,000 plus on-road costs while the flagship Premium N-Line peaks at $63,000 (before options), but it's worth noting however the saving on the base model comes at the expense of the auto-dimming rearview mirror, interior vehicle-to-load (V2L) connection, heat pump, and emergency charging cable.

A full pricing breakdown can be found at the bottom of this report, but slotting into the middle of the range is the new Kona Electric Elite ($53,000) which splits the bookend trims on both price and equipment – headline gear over the former includes leather upholstery, 19-inch alloys, powered and heated front seats, auto-dimming mirror and solar-control glass.

Like the Premium, the Elite exclusively comes with the 150kW, 64.8kWh Extended Range powertrain and has a maximum range of up to 444km.

As for the IONIQ 5, the entry-level RWD now starts from $68,200 plus on-roads – but also loses its interior V2L functionality and emergency charging cable – and tops out at $83,700 for the top-spec (non-N) Premium N-Line AWD which switches from suede upholstery to leather.

Speaking to carsales back at the (April) media launch of the IONIQ 6 N super sedan, Hyundai Australia product planning boss Tim Rodgers hinted at “some more changes in” the “EV range to announce shortly, which should hopefully spur on a bit more [sales] volume”.

“It’s all part of a much bigger plan, which we haven’t shown our full hand about just yet,” he said, insinuating there are even more EV developments to come beyond today’s Kona and IONIQ 5 pricing adjustments.

What they are remain to be seen, but we wouldn’t be surprised if the IONIQ 3 plays a key role in the master plan, though it remains to be seen if the pint-sized Inster will be treated to similar price cuts.

How much does the 2026 Hyundai Kona Electric cost?
Standard Range – $46,000 (-$8000)
Extended Range – $50,000 (-$8000)
Elite – $53,000 (-$8000)
Premium – $60,000 (-$8000)
Premium N-Line – $63,000 (-$8000)
* Prices exclude on-road costs

How much does the 2026 Hyundai IONIQ 5 cost?
RWD – $68,200 (-$8000)
Elite RWD – $73,200 (-$8000)
Premium N-Line AWD – $83,700 (-$8000)
N AWD – $155,000
* Prices exclude on-road costs

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