Kia reveals pricing of new EV5, pitched below Tesla Model Y

Kia has finally revealed the pricing of its new mid-sized SUV, the EV5, undercutting Tesla Model Y on the drive-away pricing on the entry-level variant.

The new EV5 will come in three variants, which include:

• Air Standard Range – $56,770 drive-away
• Air Long Range – $61,170 plus on-roads
• Earth Long Range AWD – $64,770 plus on-roads 
• GT-Line Long Range AWD – $71,770 plus on-roads

Kia Australia’s CEO, Damien Meredith, says the EV5 marks a significant milestone for the South Korea company, a sister brand to Hyundai.

“As we affirm our commitment to becoming a leading sustainable mobility provider, we’re pleased to announce pricing and key features that give EV5 a competitive edge in the local electric vehicle market,” he said.

The entry-level Air in Standard Range comes with a 64.2 kWh battery pack. This is capable of delivering up to 400 km of WLTP range.

For comparison, the Tesla Model Y currently comes with a smaller 60 kWh battery pack, delivering 455 km of range on the WLTP cycle. Pricing on the Model Y is also around $60,000 drive-away across the country, which is over $3,000 more than the Air Standard Range.

The Kia EV5 range can be bumped to 555 km with the Air Long Range variant that is equipped with an 88.1 kWh battery pack.

That, of course, means a price bump of $4,400, which mainly goes towards the bigger battery since both variants come with a single 160 kW motor that delivers up to 310 Nm of torque.

The same 88.1 kWh battery pack is used in the Earth and GT-Line trims, equipped with a dual-motor 230 kW powertrain.

The mid-spec Earth variant comes with 19-inch alloys and delivers 500 km of range, while the GT-Line gets 470 km of WLTP range due to its larger 20-inch wheels.

According to Kia, the EV5 has gone through local testing to ensure ride and handling are suited to Australian driving conditions.

All variants come with a 12.3-inch display and over-the-air (OTA) update capability.

It’s worth noting that this will be the first EV from the South Korean brand to be built in China. The Australian-delivered EV5 models will use BYD’s Lithium-Iron-Phosphate (LFP) blade battery packs sourced from the NEV giant’s battery division, Findreams.

The Driven reported the launch of this vehicle in the Chinese market nearly 12 months ago, in November 2023.

At the Chinese launch, the entry-level trim in China was Light, which was pitched at the equivalent of less than $A32,000. The Air trim was priced under $A33,500. 

These aggressive prices in China were due to fierce competition and a price war amongst EV car makers initiated by Tesla in early 2023. 

The news on the Australia pricing comes a few months after the expected initial local launch in mid-2024. The delays were caused mainly by problems with the wheels and software updates needed before the local launch.

Kia’s EV5 is available now in all variants, apart from the GT-Line, which is arriving in December 2024.

It’s great to see another model from a very trusted brand in Australia. Given its reasonably aggressive pricing at the entry-level, the EV5 could be an excellent vehicle for business and government fleets that might have been hesitant to purchase vehicles from recently launched Chinese brands.

On top of that, with the EV6 sales averaging under 170 units per month in 2024, this new vehicle could give the brand the boost it needs to get a more significant share of the EV market in the country. 

Kia EV5 exterior colours and specs:

Riz is the founder of carloop based in Melbourne, specialising in Australian EV data, insight reports and trends. He is a mechanical engineer who spent the first 7 years of his career building transport infrastructure before starting carloop. He has a passion for cars, particularly EVs and wants to help reduce transport emissions in Australia. He currently drives a red Tesla Model 3.