UPDATED MODEL: 2024 Hyundai Ioniq 5 price and specs: Retro electric SUV adds more 'affordable' base model
The Hyundai Ioniq 5 electric crossover has been updated for the 2023 model-year, bringing a slightly larger battery, a new range-topper variant, moves to less frequent servicing intervals and more.
After the 2022 line-up was revised in July, the Ioniq 5 enters 2023 with a 4.8kWh larger battery pack. This increases the claimed driving range by 26km and 24km on the base rear-wheel drive (RWD) and two all-wheel drive (AWD) variants respectively.
Power figures are also up by 8kW for the entry-level Dynamiq RWD and 14kW for the two AWD guises – but both retain the same torque outputs.
The South Korean carmaker says all models gain a new ride and handling package with a focus on wheel control, bump absorption and body control.
Additionally, the 2023 Ioniq 5 now requires longer servicing intervals at every 24 months/30,000km, while raising the overall price of service checkups.
However, the updated Ioniq 5 gets a price bump, too. The base Dynamiq RWD is $2100 dearer and the now mid-spec Techniq AWD is $2000 more than before.
A new flagship Epiq AWD trim introduces new Ioniq 5 features that were previously exclusive to overseas markets. For $5500 more than the Techniq AWD, it adds an energy-saving heat pump, active battery preconditioning, camera-based digital side mirrors, and now exclusively comes with a panoramic glass roof.
Starting from $72,000 to $85,000 before on-road costs, the 2023 Hyundai Ioniq 5 now offers up to 507km of claimed WLTP range (previously 481km), a retro-futuristic design, ultra-rapid charging capability and more. The most expensive Ioniq 5 is the AWD EPIQ configuration which costs $85,000 before on-road costs.
Available stock will continue to be directly sold by Hyundai in occasional ‘sales drop’ windows with an online-only, fixed-pricing approach instead of the traditional dealer queues.
The Hyundai Ioniq 5 is eligible for select Australian state incentives. For further information, check out our comprehensive guide.
It competes with its Kia EV6 sibling, popular Tesla Model Y, Volvo XC40 and C40 Recharge and more.
Ioniq 5 Size and design
The Hyundai Ioniq 5 is based on the dedicated Hyundai Electric Global Modular Platform (E-GMP) shared with the sportier-looking Kia EV6 and more luxurious Genesis GV60. It is manufactured in South Korea.
Outside, the Ioniq 5 is inspired by a retro design that harps back to the Hyundai Pony sedan that was released in the ‘70s. Design elements include pixel motifs, ‘liquid silver’ matte cladding, horizontal line patterns, and a badge-less steering wheel hub with four squares representing ‘H’ in morse code.
Inside, it’s available with three interior trims – Obsidian Black, Dove Grey/Dark Pebble Grey, or Dove Grey/Dark Teal – but is matched with a pair of exterior colours. All models come with dual windscreen displays wrapped in white bezels, employ sustainable materials like paperette, eco-processed leather seats and other recycled materials, a 9.4-litre glovebox drawer, and slidable ‘Universal Island’ centre console.
The rear outboard seats house two ISOFIX child seat anchor points. The rear row can be reclined and folded in a 60/40 split. It offers a frunk storage space – 57-litres on the Dynamiq RWD or 25-litres on the AWD versions.
The Ioniq 5 has a 0.29 drag coefficient with an active air flap at the front bumper that opens to cool the battery and closes to improve energy efficiency.
Ioniq 5 Range and powertrain
The 2023 Ioniq 5 is offered in two more powerful drivetrains and one upsized large battery pack.
The single-motor Dynamiq RWD now produces 168kW of power (previously 160kW) and the dual-motor Techniq and Epiq AWD now output 239kW combined (previously 225kW), with the same torque figures.
The claimed 0-100km/h acceleration time for AWD models has been cut to 5.1 seconds (previously 5.2 seconds).
Meanwhile, the battery capacity has been increased to a usable 77.4kWh (previously 72.6kWh) in line with its Kia EV6 and Genesis GV60 siblings. Hyundai says an increased cell count delivers higher 697-volts (previously 653-volt).
This results in an increased claimed driving range of 507km (WLTP) for the Dynamiq RWD (previously 481km) and 454km (WLTP) for the Techniq and Epiq AWD powertrain (previously 430km).
The new top-spec Epiq AWD model exclusively comes with a heat pump which harvests heat from the electric motors to heat the climate control and improves energy efficiency.
The Ioniq 5 is rated to tow up to 1600kg braked or 750kg unbraked and comes with a “trailer pre-wiring package” as standard.
Ioniq 5 Charging
Based on a more advanced 800-volt class charging architecture, the 2023 Ioniq 5 carries the same ultra rapid charging capabilities of 350kW DC and 11kW AC. However, zecar believes the former is more likely to achieve around 250kW DC as we tested with the 2022 Kia EV6 GT-Line AWD.
Hyundai says it can recharge from 10 to 80 per cent in around 73 minutes on a 50kW public fast charger, cutting down to just 18 minutes when on a 350kW ultra rapid station.
Going from 10 to 100 per cent takes around 11 hours and 45 minutes overnight on a 7kW AC charger.
The electric crossover uses the standard Type 2/CCS2 connector located on the rear-right side. It includes a trickle charger to plug into a standard household socket.
Vehicle-to-load (V2L) discharging functionality is standard on all models with a standard socket inside and outside via the charging port using the included Type 2 to V2L adapter.
The flagship Epiq AWD model now includes active battery preconditioning. When a DC charger is set as the destination in the built-in navigation system, it will actively warm up the battery pack prior to achieve more optimal fast charging speeds.
It offers a range of regenerative braking levels, including ‘i-Pedal’ for one pedal driving and an adaptive recuperation mode.
Ioniq 5 Safety and technology
The Hyundai Ioniq 5 has achieved the full five-star ANCAP safety rating under the 2021 criteria.
Hyundai’s complete ‘SmartSense’ safety assistance suite is standard on all models, including auto emergency braking (AEB) with car/pedestrian/cyclist/junction turning/lane change oncoming detection, blind spot and rear cross traffic avoidance assist, stop/go smart cruise control with machine learning function, and lane following and keeping assist.
A blind spot view monitor camera, a 360-degree surround view camera system, front and rear parking sensors, auto high beam assist, lead vehicle departure alert, driver attention warning, plus safe exit assist and rear occupant alert are all standard inclusions, too.
The retro-futuristic medium EV features twin 12.3-inch infotainment and driver’s instrument displays combined on a single white-bezelled panel, plus an augmented reality head-up display (AR HUD).
It comes with built-in maps and wired Apple CarPlay and wired Android Auto. There’s also Qi wireless charging pad, an eight-speaker Bose sound system, and four USB-A and two 12-volt charging ports.
The new range-topping Epiq AWD trim introduces digital side mirrors to the local market, which displays two blind spot camera views on individual OLED screens on each side of the cabin. Hyundai also says the slimmer form of these camera-based wing mirrors make it more aerodynamic.
Despite being a new model-year, the Ioniq 5 is still yet to offer Hyundai’s newly launched Bluelink connected telematics and mobile app in Australia.
Ioniq 5 Price and models
Overseas model pictured
Ioniq 5 Dynamiq RWD price: $72,000 before on-road costs
The Dynamiq RWD comes with as standard:
- 77.4kWh (gross) battery
- 19-inch alloy wheels (235/55 Michelin Primacy 4 tyres)
- Gloss black window frame and mirror trim
- Satin chrome door and bumper trim with liquid silver body cladding, front and rear skid plates
- SmartSense safety assistance suite (details above)
- 12.3-inch infotainment system with built-in maps and wired Apple CarPlay and Android Auto
- 12.3-inch digital driver’s instrument display
- AR HUD
- Qi wireless phone charging pad
- Eight-speaker Bose premium audio
- Leather eco processed seats and leather steering wheel
- Premium bio PET carpet
- LED interior lighting
- Auto up/down front windows
- Remote front window open/close
- Power child lock (rear doors and windows)
- 10-way power driver and front passenger seats with two-way lumbar support
- Heated front seats
- Dual-zone climate control with cabin air filter and air vents
- PTC electric heater
- Sliding centre console and glovebox
- Reclining rear-row seats
- Full auto LED projector-type headlights, taillights and daytime running lights
- Acoustic laminated windscreen and windows, solar control windscreen and front door windows
- Rear privacy glass
- Rain sensing wipers
- Auto pop-out flush door handles
- Heated power folding side mirrors
- Smart power tailgate
- Alloy scuff plates and pedals
- Luggage net
- Paddle shifters (controls regenerative braking intensity)
- Keyless entry with push button start
- Remote start and remote smart parking assist
- V2L interior and exterior
Ioniq 5 Techniq AWD price: $79,500 before on-road costs
The Techniq AWD gains:
- 20-inch alloy wheels (255/45 Michelin Pilot Sport EV tyres)
- Premium relaxation front seats
- Ventilated front seats
- Heated steering wheel
- Two-way heated, power sliding rear seats
- Rear-row window sunshades
- Three-memory function for all seats
- “Under-bonnet insulator”
Ioniq 5 Epiq AWD price: $85,000 before on-road costs
The flagship Epiq AWD adds:
- Panoramic glass roof
- Digital side mirrors
- Heat pump
- Active battery preconditioning system
Hyundai Ioniq 5 Options
- Gloss paint with Obsidian Black interior – no cost: Atlas White, Phantom Black
- Gloss paint with Dove Grey/Dark Pebble Grey interior – no cost: Digital Teal-Green, Lucid Blue
- Gloss paint with Dove Grey/Dark Teal interior interior – no cost: Galactic Grey
- Matte paint with Dove Grey/Dark Teal interior – $1000: Gravity Gold
Ioniq 5 Warranty and servicing
All Hyundai’s are backed by a five-year, unlimited kilometre vehicle warranty and eight-year/160,000km high voltage battery warranty.
The brand offers roadside assistance and updates to the built-in map system for up to 10 years renewed at every schedule service visit, and an unlimited capped price servicing program.
Additionally, Hyundai has now extended its servicing intervals to every 24 months/30,000km for the 2023 Ioniq 5. However, servicing prices have increased compared to its 2022 predecessor. For example, the first 72 months/90,000km maintenance visits will now set owners back $2230 compared to $1904 before – a nearly 15 per cent increase.
It must be serviced at select trained and certified Hyundai BlueDrive dealers across the country.
Ioniq 5 compared to other EVs
Ioniq 5 FAQs
Datawrappers by Danny Thai
EDITOR’S NOTE: Images of 2022 launch model shown.
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About the author
Henry Man
Henry Man is a motoring journalist passionate about the intersection of technology and transportation, with a focus on electric vehicles.
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