Hyundai has reduced prices across its Kona Electric and Ioniq 5 lineups by $8000, excluding the flagship Ioniq 5 N. This is despite surging sales of electric vehicles (EVs) in Australia, including those from the Korean brand, which is citing the need to stay competitive with newer rivals in the market.
The Kona Electric small SUV range now opens at $46,000 before on-road costs for the base standard-range variant, while the Ioniq 5 mid-size SUV opens at $68,200 before on-roads.
The re-priced EVs will start arriving in dealerships from June.
Hyundai is also currently offering drive-away deals on the Kona Electric and Ioniq 5 ranges until the end of the financial year, with the former priced from $45,990 drive-away and the latter from $71,990 drive-away if you take delivery by June 30, 2026.
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“We are responding to an extremely price-competitive EV market – it’s that simple,” said a Hyundai Australia spokesperson in a statement to CarExpert.
“We can see the popularity of our competitors growing substantially – especially some of the relatively new arrivals to this country. They are launching fine products at sharp price points and that makes them extremely tempting for Australian buyers.
“But there’s more to buying a car than just the price point – we know our products are equal to or better than our competition across all segments, for features, performance and design. These price reductions mean that we are on point for price, too.
“And this next part is important, too: Hyundai are celebrating our 40th year in Australia this year, and we’re backed by a 170-strong Hyundai dealer network in all corners of the country, and that kind of legacy and experience counts for a lot.
“As you can see by our growing sales numbers, we are doing a lot that’s right. We think more customers should buy into the Hyundai family and these price reductions will surely make that decision a little easier.”
To keep the price of the entry-level Kona Electric down, Hyundai has removed its electrochromic rear-view mirror, heat pump, portable emergency charging cable, and its inside vehicle-to-load (V2L) outlet.
And you can no longer get the base trim level with the optional N Line pack.
A new Elite trim slots in between the base Kona Electric and the Premium, mirroring the petrol and hybrid Kona lineup.
This sees the 17-inch wheels of the regular Kona swapped for 19s and the cloth upholstery substituted for leather, with additional features including rear privacy glass, an electrochromic rear-view mirror, and heated and power-adjustable front seats.
You’ll still need to step up to the Premium for features like a head-up display, Remote Smart Parking Assist and a Blind Spot View Monitor, as well as luxury items like a sunroof, Bose sound system, heated outboard rear seats, a heated steering wheel, and Premium Relaxation front seats with memory and ventilation.
All Konas bar the base standard-range variant feature a 64.8kWh battery and a single, front-mounted 150kW electric motor. The base grade has a 99kW motor and a smaller 48.6kWh battery.
Range is 370km for the base standard-range variant, rising to 505km in the base extended-range variant; other Konas with the larger battery have 444km of range.
Unlike the base Kona, the entry-level Ioniq 5 has only lost a couple of features: its portable emergency charging cable and its interior V2L port.
There are no other spec changes for the Ioniq 5 range, apart from leather upholstery replacing suede in the Premium N Line.
While its pricing is unchanged, the Ioniq 5 N has lost its portable emergency charging cable.
All Ioniq 5s in Australia come with an 84kWh battery, with single-motor rear-wheel drive variants featuring a 168kW electric motor and the dual-motor all-wheel drive Premium N Line producing 239kW. The top-shelf N has a 448kW dual-motor all-wheel drive powertrain.
WLTP range is 570km for the base Ioniq 5 with 19-inch wheels, dropping to 495km for the N Line Premium and 448km for the N.
For model year 2026 (MY26), Hyundai had announced it was dropping the former entry variant in the Ioniq 5 lineup, which used a 63kWh battery and a 125kW electric motor. This saw the base price rise by $6400, which followed range-wide price increases of $2300 for MY25.
These new price cuts could help the Ioniq 5’s sales figures. In the first five months of 2026, Hyundai delivered 224 examples of the Ioniq 5, down 38.5 per cent on the same period last year.
In April, Hyundai confirmed its EV order intake had surged by 355 per cent in March, rising from less than three per cent of its total orders to 20 per cent.
Hyundai announced it had secured a 158 per cent increase in supply of EVs for the second quarter, with local arrivals to commence in May, including a total of 1265 Kona Electrics (up 315 per cent over Q1), 1180 Elexios (up 57 per cent), 255 Insters (up 204 per cent) and 150 Ioniq 5s (up 56 per cent).
Kona pricing
|
Model |
Price before on-road costs |
EOFYS deal (until June 30, 2026) |
|---|---|---|
|
2026 Hyundai Kona Electric (standard range) |
$46,000 |
$45,990 |
|
2026 Hyundai Kona Electric (extended range) |
$50,000 |
$50,990 |
|
2026 Hyundai Kona Electric Elite |
$53,000 |
– |
|
2026 Hyundai Kona Electric Premium |
$60,000 |
$60,990 |
|
2026 Hyundai Kona Electric Premium + N Line pack |
$63,000 |
$64,990 |
Ioniq 5 pricing
|
Model |
Price before on-road costs |
EOFYS deal (until June 30, 2026) |
|---|---|---|
|
2026 Hyundai Ioniq 5 RWD |
$68,200 |
$71,990 |
|
2026 Hyundai Ioniq 5 Elite RWD |
$73,200 |
$78,990 |
|
2026 Hyundai Ioniq 5 Premium N Line AWD |
$83,700 |
$87,990 |
|
2026 Hyundai Ioniq 5 N |
$115,000 |
– |
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