Hyundai slashes prices on EVs, some models by more than $34,000

South Korea car giant Hyundai has launched a flurry of special offers of its electric vehicles in Australia, with some discounts pitched at more than $34,000 as it seeks to boost sales in Q4.

The car maker announced on Tuesday that prices on variants of Hyundai’s Ioniq 5, Ioniq 6, Inster and Kona Electric have been cut between $3,300 and $34,142 on driveway prices.

The recently launched Inster hatchback sees price cuts of up to $3,925 off the driveway prices, taking the base model down to below $40,000 for the first time, while Ioniq 6 buyers can see up to $34,142 off the driveway price on MY23 stocked models.

These savings are based off the driveway prices in NSW and the driveway prices on these models are available nationally.

In recent years, the South Korean brand has launched multiple new EV models, starting with Ioniq 5 and Ioniq 6, based on the company’s advanced 800 V architecture with 10-80% charging times of around 18 minutes.

This was followed by a refreshed Kona Electric model and most recently, the brand’s smallest locally launched EV model, the Inster. All have been well received and attracted multiple awards.

Hyundai’s latest discounts come at a time when EV market interest is at an all time high.

In September, over 12,000 EVs were sold in Australia with EV adoption levels reaching a record 11.3% of the new car market.

These savings will make it easier for more drivers to make the switch to EVs from a well established brand, further supporting heightened EV sales across the country to finish 2025.

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.