Hyundai has dropped the price of entry to its Ioniq 5 electric SUV by $7500 for 2024.

UPDATE, 06/12/2023 – Hyundai Australia has since increased the asking price of the two base-model Ioniq 5 variants by $500. A Hyundai Australia spokesperson confirmed this is due to increased production costs.

The 2024 Hyundai Ioniq 5 Standard Range is now priced at $65,000 before on-roads, and the Ioniq 5 Extended Range AWD is now priced at $$71,000 before on-rodas.

The new Standard Range RWD makes the Ioniq 5 eligible for electric car subsidies and stamp duty exemptions in more states and territories, and brings it more closely into line with the base Tesla Model Y ($65,400 before on-roads) on price in Australia.

Across the range, the new Ioniq 5 features a heat pump HVAC system, along with battery heating and pre-conditioning. The new features are designed to make the Ioniq 5 more efficient in a broader range of conditions.

Hyundai is anticipating it’ll have stronger supply of the Ioniq 5 in 2024, along with its Ioniq 6 sibling.

The brand anticipates it’ll sell up to 4000 cars with Ioniq badges next year, of which around two thirds will be the Ioniq 5.

Some dealers will also have demonstrator cars for the first time since the car launched. Fixed pricing remains in place, however.


  • 2024 Hyundai Ioniq 5 Standard Range RWD
    • Base model: $65,000 (+$500)
  • 2024 Hyundai Ioniq 5 Extended Range RWD
    • Base model: $71,000 (+$500)
    • Dynamiq: $76,000
    • Epiq: $79,500
  • 2024 Hyundai Ioniq 5 Extended Range AWD
    • Dynamiq: $80,500
    • Epiq: $84,000

All prices exclude on-road costs.


The base Hyundai Ioniq 5 Standard Range is powered by a motor mounted on the rear axle, making 125kW of power and 350Nm of torque. It’s hooked up to a 53kWh (usable) lithium-ion battery pack.

The Extended Range RWD packs 168kW of power and 350Nm of torque, hooked up to a 77.4kWh (usable) lithium-ion battery.

The Extended Range AWD packs a combined 239kW of power and 605Nm of torque from its dual-motor all-wheel drive setup, mated to a 77.4kWh lithium-ion battery pack.


The base Standard Range RWD has a claimed 384km of range on the combined cycle.

Moving to the Extended Range RWD gets you 507km of range on cars fitted with 19-inch alloy wheels, or 476km with the 20-inch wheels.

The range-topping Extended Range AWD has a claimed 454km of range.

Across the range, the Ioniq 5 features V2L technology that allows owners to run home appliances off the charge port using an adapter. There’s also a three-pin plug in the rear that means passengers can charge laptops using the car’s battery.

The e-GMP platform supports DC fast charging at up to 230kW using a 350kW public charger.


The 2024 Hyundai Ioniq 5 measures 4635mm long, 1605mm tall and 1890mm wide, excluding the mirrors, and has a 3000mm wheelbase.

With the rear seats upright the rear-wheel drive Ioniq 5 has a rear boot capacity of 527L, as well as a 57L front boot and a 9.4L sliding glovebox.

The all-wheel drive Ioniq 5 has the same boot and glovebox capacities, but has a smaller 25L front boot.

Servicing and Warranty

The Ioniq 5 is backed by a five-year, unlimited-kilometre vehicle warranty plus an eight-year, 160,000km high-voltage battery warranty.

Servicing is required every 24 months or 30,000 kilometres, whichever comes first. The first three services are capped at $570, $1090 and $570, respectively.


The Hyundai Ioniq 5 has a five-star safety rating from ANCAP, which is based on testing conducted in October 2021.

It earned its five-star rating on back of a 88 per cent score for adult occupant protection, 87 per cent for child occupant protection, 63 per cent for vulnerable road user protection, and 89 per cent for safety assist.

Standard safety equipment across the Ioniq 5 range includes:

  • Seven airbags
  • Blind-spot assist
  • Driver attention warning
  • Leading vehicle departure alert
  • Lane-keep assist
  • Lane Following Assist (lane centering)
  • Surround-view camera
  • Front and rear parking sensors
  • Rear cross-traffic alert
  • Rear occupant alert
  • Safe exist assist
  • Adaptive cruise control with stop & go, and machine learning
  • Tyre pressure monitoring
  • Rear autonomous emergency braking (AEB)

The frontal autonomous emergency braking (AEB) feature, which Hyundai calls Forward Collision-Avoidance Assist, includes the following functionality:

  • Car, pedestrian and cyclist detection
  • Junction turning and crossing assist
  • Lane-change oncoming and side assist
  • Evasive steering assist

Standard Equipment

Standard equipment on the Hyundai Ioniq 5 includes:

  • 19-inch alloy wheels
  • Automatic headlights
  • Automatic windscreen wipers
  • Heated, power-folding mirrors
  • Wool/yarn and leather seat trim
  • Leather-wrapped steering wheel trim
  • Power-adjustable driver’s seat
  • 12.3-inch digital instrument cluster
  • 12.3-inch touchscreen infotainment system
  • Apple CarPlay and Android Auto (wired)
  • Satellite navigation
  • Wireless phone charger
  • 2x USB-A ports front, 2x USB-A ports rear
  • Dual-zone climate control
  • Heat pump HVAC system
  • Portable charging cable
  • Trailer pre-wiring package

Moving to the Dynamiq brings:

  • 20-inch alloy wheels
  • Rear privacy glass
  • Power tailgate
  • Leather seat trim
  • Heated front seats
  • 10-way power passenger seat
  • Sliding centre console
  • Bose surround sound system (8-speaker)
  • Head-up display with AR mode

Moving to the Epiq brings:

  • Fixed glass panoramic roof with powered sunshade
  • Premium front seats with full recline while charging
  • Power sliding rear seats
  • Rear door sunshades
  • Ventilated front seats
  • Heated rear seats
  • Heated steering wheel

Optional on the Epiq is the Digital Mirror Pack. It’s priced at $3000, and brings digital side mirrors and a digital centre mirror.

MORE: Hyundai Ioniq 5 review
MORE: Compare Hyundai Ioniq 5 variants
MORE: Everything Hyundai Ioniq 5

Scott Collie

Scott Collie is an automotive journalist based in Melbourne, Australia. Scott studied journalism at RMIT University and, after a lifelong obsession with everything automotive, started covering the car industry shortly afterwards. He has a passion for travel, and is an avid Melbourne Demons supporter.

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