After slashing nearly $10,000 off its top-selling EV in the US, Hyundai is now extending the savings overseas. In Australia, the automaker is offering discounts of more than $34,000 AUD ($22,400) on some of its EVs.
Hyundai is discounting EVs in the US and overseas
Last week, Hyundai announced it was reducing prices on the 2026 IONIQ 5 by up to $9,800 in the US. The 2026 IONIQ 5 starts at just $35,000, making it one of the most affordable EVs available alongside the Chevy Equinox EV and the Nissan LEAF.
Hyundai said the generous EV discounts reflected its “commitment to affordability” as part of its long-term strategy.
Record vehicle sales and higher output at its new EV plant in Georgia are helping reduce costs, which the company said it’s now passing on to buyers.
The massive EV discounts are starting to pile up after Hyundai cut prices in another market on Tuesday. After launching a series of special offers in Australia on Tuesday, Hyundai is discounting some of its EVs by more than $34,000 AUD ($22,400).
According to TheDriven, Hyundai reduced prices on select IONIQ 5, IONIQ 6, Inster EV, and Kona Electric models by up to $34,142 AUD.
Hyundai’s most affordable electric car, the Inster (which is sadly not sold in the US), received a $3,925 AUD price reduction, and now starts at under $40,000 AUD for the first time.
The IONIQ 6 is heavily discounted, with up to $34,142 AUD off the driveway price on 2023 model year inventory. Hyundai has also reduced the prices of the IONIQ 5 by nearly $10,000 AUD. As the report points out, the savings are based on the driveway prices in NSW, which are available nationally. Please note that these prices are in AUD.
Although Hyundai’s price cuts in the US were in response to the $7,500 federal EV tax credit expiring, the discounts in Australia come as demand for electric cars is at an all-time high. In September, electric vehicles accounted for 11.3% of new car sales.
In the US, Hyundai is still offering a $7,500 cash incentive for 2025 IONIQ 5 models until at least the end of October.
| 2025 Hyundai IONIQ 5 Trim | Driving Range (miles) | 2025 Starting Price | 2026 Starting Price* | Price Reduction | Monthly lease cost (October 2025) |
| IONIQ 5 SE RWD Standard Range | 245 | $42,600 | $35,000 | ($7,600) | $249 |
| IONIQ 5 SE RWD | 318 | $46,650 | $37,500 | ($9,150) | $259 |
| IONIQ 5 SEL RWD | 318 | $49,600 | $39,800 | ($9,800) | $299 |
| IONIQ 5 Limited RWD | 318 | $54,300 | $45,075 | ($9,225) | $369 |
| IONIQ 5 SE Dual Motor AWD | 290 | $50,150 | $41,000 | ($9,150) | $309 |
| IONIQ 5 SEL Dual Motor AWD | 290 | $53,100 | $43,300 | ($9,800) | $349 |
| IONIQ 5 XRT Dual Motor AWD | 259 | $55,500 | $46,275 | ($9,225) | $379 |
| IONIQ 5 Limited Dual Motor AWD | 269 | $58,200 | $48,975 | ($9,225) | $419 |
The 2025 Hyundai IONIQ 5 Standard Range starts at $42,600, while the 2026 model year is priced from just $35,000.
Although it was already one of the most affordable EVs on the market, the IONIQ 5 is hard to pass up with leases starting at just $249 per month in the US. For $10 more per month ($259), you can upgrade to the long-range SE RWD trim, which offers a range of up to 318 miles.
Curious what Hyundai’s electric SUV feels like to drive? You can find available IONIQ 5 models near you through our trusted partner.
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