Kia has set its sights on ascending the sales chart of the electric SUV market with the anticipated launch of the Kia EV5, targeting a sharp starting price of around $60,000. This positions the mid-size EV5 as a direct competitor to the market-leading Tesla Model Y, undercutting it by about $5,000.
Kia's Pricing Strategy for the EV5
Damien Meredith, Kia Australia's chief, outlined the company's pricing strategy, stating that the "target pricing is around that $60,000". Kia's approach is to offer value for the product, which they believe is well-accepted by customers, regardless of minor price fluctuations. This is about $5,000 the starting price of the Tesla Model Y RWD ($65,400) and Kia Niro EV ($65,300).
Kia EV5 vs the Kia EV Range
Kia EV5 vs the Competition
Sales Expectations for the Kia EV5
Kia has high hopes that the EV5 will significantly boost their sales of electric vehicles upon its launch later this year. The brand estimates that the EV5 could double its electric vehicle sales and account for over 6,000 cars or approximately eight percent of its total sales. While this is an ambitious goal, it will still place Kia behind Tesla, which sold more than 46,000 vehicles and over 28,000 Model Ys in 2023.
Powertrain, Range, and Capabilities
The Kia EV5 will be built on a dedicated EV platform offer two battery size options: a 64kWh battery providing a range of about 530km, and a larger 88kWh battery estimating about 720km of range. Moreover, an all-wheel-drive variant with the 88kWh battery will pair with a 160kW front motor and a 70kW rear motor, offering a combined output of 230kW and a range of 650km. The ranges quoted are based on the generous CLTC cycle, WLTP estimates have yet to be released.
The EV5 also boasts fast-charging capabilities that Kia and Hyundai EVs are known for, allowing a charge from 30 to 80 percent in as little 27 minutes.
It has been rumoured that the EV5 will feature CATL or BYD's next generation batteries, albeit this has yet to be formally confirmed.
Advanced Energy Features
One of the key technological features of the EV5 is its vehicle-to-load (V2L) capabilities, enabling owners to utilize their vehicle as a mobile power source for household items through a conventional socket. Moreover, vehicle-to-grid (V2G) functionalities allow the EV5 to feed energy back to the power grid or power a home, aligning with V2H capabilities. This feature can be particularly useful for owners to charge their vehicles through rooftop solar during the day and use the stored energy to power their homes at night.
While the Kia EV5 may be future proofed with the hardware to support V2G or V2H there is currently no compatible CCS bidirectional charger available that has been approved in any jurisdiction.
Design and Interior
The upcoming EV5 will borrow design elements from the recently launched EV9, which is a seven-seat electric SUV. Customers can expect the EV5 to be rich in both luxe finishes and state-of-the-art technological features as standard offerings.
Kia's Electrification Goals
Amidst the electric vehicle revolution, Kia is not holding back. The automotive brand has laid out an expansive plan to introduce 14 battery electric vehicles by 2027 and aims to sell 1.2 million electrified vehicles annually by 2030.
In the increasingly competitive electric vehicle market, the Kia EV5 with its attractive price point and advanced features is yet another compelling option for eco-conscious drivers looking for sustainable mobility solutions. As the details continue to unfold, potential customers and industry watchers alike are keenly anticipating Kia’s EV expansion and the impact it will make in Australia's automotive landscape.
Stay up to date with the latest EV news
- Get the latest news and update
- New EV model releases
- Get money savings-deal