2024 Hyundai Ioniq 5 price and specs: Base price slashed with new entry model

2024 Hyundai Ioniq 5 pricing and specificationsRange reshuffled with base, Dynamiq and Epiq variantsStandard Range battery added to base model with 384km rangePriced from $64,500 plus on-road costs

The price of the cheapest 2024 Hyundai Ioniq 5 electric car has been slashed by $7500 with the addition of a smaller battery option – and fewer features as standard.

Hyundai has reshuffled the Ioniq 5 range for the third time in two years with a new entry-level, Standard Range RWD model that – at $64,500 plus on-road costs – is eligible for government electric-car subsidies in various states and territories, including a Fringe Benefits Tax (FBT) exemption.

It is $900 cheaper than the entry-level Tesla Model Y – and $7500 less than the least-expensive model in the 2023 line-up, which was priced from $72,000 plus on-road costs.

Hyundai Australia says it hopes to sell 2000 Ioniq electric vehicles this year, before doubling the figure next year, and doubling it again in 2025.

The previous three-model structure – Dynamiq, Techniq and Epiq – has been replaced by an eponymous base Ioniq 5, mid-grade Ioniq 5 Dynamiq, and top-of-the-range Ioniq 5 Epiq.

Price changes – when comparing like-to-like variants – range from a $1500 cut for the cheapest long-range model, to a $4500 hike for the Dynamiq Extended Range rear-wheel-drive (RWD).

The new base Ioniq 5 is the old 2023 Dynamiq with a power-adjustable passenger seat, full leather seats, heated front seats, a head-up display, Bose sound system, power tailgate, privacy glass and alloy pedals removed – and a heat pump and battery conditioning system added.

The 2024 Dynamiq is equivalent to the defunct 2023 Techniq, with the exception of ventilated front ‘relaxation’ seats, a heated power-adjustable rear seat bench, heated steering wheel and rear door sunshades, which are now restricted to the Epiq.

Meanwhile the Epiq is no longer fitted with digital side mirrors as standard, which now form part of a $3000 option pack alongside a digital centre rear-view mirror.

Powering the base model is the choice of a new 58kWh ‘Standard Range’ battery and 125kW/350Nm rear electric motor – or the 77.4kWh ‘Extended Range’ battery and 168kW/350Nm rear electric motor previously in the Dynamiq.

Driving range is claimed as 384km with the smaller battery, or 507km with the larger battery – riding on the base model’s 19-inch wheels.

The 2024 Dynamiq offers the 77.4kWh battery as standard, with a choice of rear-wheel drive and 168kW – carried over from the 2023 version – or all-wheel drive and 239kW (from 74kW front and 165kW rear motors), previously standard on the Techniq model.

It claims driving range of 476km with rear-wheel drive – due to its 20-inch wheels with higher rolling resistance tyres, matching the 2023 Techniq but up from the 2023 Dynamiq’s 19-inch alloys – or 454km with all-wheel drive.

The Epiq model offers the same 77.4kWh battery and choice of rear- or all-wheel drive. The 2023 version was all-wheel drive only.

A list of prices and standard equipment is below. Also new for 2024 is the Ioniq 5 N performance model – click here for more details.

The 2024 Hyundai Ioniq 5 is available to order now.

2024 Hyundai Ioniq 5 Australian pricing

Ioniq 5 58kWh Standard Range RWD – $64,500 (new)Ioniq 5 77.4kWh Extended Range RWD – $70,500 ($1500 less than old Dynamiq RWD)Ioniq 5 Dynamiq 77.4kWh Extended Range RWD – $76,500 ($4500 more than old Dynamiq RWD)Ioniq 5 Dynamiq 77.4kWh Extended Range AWD – $80,500 ($1000 more than old Techniq AWD)Ioniq 5 Epiq 77.4kWh Extended Range RWD – $79,500 (new)Ioniq 5 Epiq 77.4kWh Extended Range AWD – $84,000 ($4500 more than old Techniq AWD, $981 less than old Epiq AWD)Ioniq 5 N 84kWh – $111,000

Note: All prices above exclude on-road costs.

2024 Hyundai Ioniq 5 (base) standard features:

53kWh or 77.4kWh lithium-ion battery pack19-inch alloy wheels with tyre repair kit, Michelin Primacy 4 tyres (235/55 profile)Dusk-sensing LED projector headlights with auto high beamLED tail-lights, indicators, front light bar12.3-inch digital instrument cluster12.3-inch infotainment touchscreen with wired Apple CarPlay and Android Auto, satellite navigation and digital radioWool yarn and eco-processed leather seat upholstery (new vs 2023 Dynamiq)Leather-appointed steering wheel10-way power-adjustable driver’s seatSix-way manually-adjustable passenger seatDual-zone climate controlWireless phone chargerSix-speaker sound systemKeyless (proximity) entry and start (with remote start)Acoustic laminated windscreen and side glass (with ‘solar control’ attribute on windscreen, front doors)Power-folding heated side mirrorsRecycled ‘bio PET’ carpetAlloy scuff platesRain-sensing wipersFront and rear parking sensors360-degree cameraAutomatic parking (from behind the wheel)Remote Smart Parking Assist (forward/reverse movement from the key fob, when standing beside the car)Seven airbags, including front centre airbagAutonomous emergency braking (AEB) with pedestrian/cyclist detection and intersection supportAdaptive cruise control with stop and go, machine learning techLane-keep assistLane following assistBlind-spot monitoring (capable of detecting and braking for obstacles)Rear cross-traffic alert (detection and braking)Traffic sign recognitionBlind-Spot View Monitor (projects camera feed from side mirrors into the instrument cluster when indicator is activated)Driver attention warning (with leading vehicle departure alert)Low-speed rear AEB (branded Parking Collision-Avoidance Assist)Safe exit assistRear occupant alertTyre pressure monitoring systemBattery conditioning system (new vs old Dynamiq base model)Heat pump

2024 Hyundai Ioniq 5 Techniq adds (over Dynamiq):

77.4kWh battery as standard, rear- or all-wheel drive20-inch alloy wheels with 255/45 Michelin Pilot Sport EV tyres10-way power-adjustable front passenger seatEco-processed leather seat upholsteryHeated front seatsSliding front centre consoleAugmented-reality head-up displayEight-speaker Bose premium sound systemRear privacy glass (tinted windows)Hands-free power tailgateAlloy pedalsLuggage netSmaller 25-litre front storage area in all-wheel-drive model (due to second electric motor)

2024 Hyundai Ioniq 5 Epiq adds (over Techniq):

Vision Roof fixed glass sunroofFront ‘relaxation’ seats with ventilation and memoryTwo-way (fore and aft) power-adjustable 60:40 rear seats with heating, ventilation and memoryHeated steering wheelRear door sunshades

Options:

Matte paint ($1000, Dynamiq and Epiq)Digital Mirror Pack ($3000, Epiq) – adds digital side mirrors and a digital centre rear-view mirror

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