A cheaper version of the flagship Hyundai Ioniq 5 N electric vehicle (EV) has been launched in South Korea, stripping features but keeping the high-output powertrain that has made it a benchmark for electric performance.

The cheaper Essential trim level drops the Ioniq 5 N’s price by 2.5 million won (A$2723) by ditching equipment such as its ‘Intelligent’ headlights and head-up display. 

It keeps its 478kW/770Nm all-wheel drive powertrain and 84kWh battery – also set for the Ioniq 6 N which launches globally next month – enabling a 3.4-second 0-100km/h sprint on the way to a 260km/h top speed. 

The Hyundai South Korea website prices the Ioniq 5 N Essential at 74,900,000 won after tax incentives compared to the standard Ioniq 5 N’s 77,400,000 won.

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The Ioniq 5 N is sold in a single model grade in Australia, priced at $110,383 before on-road costs, meaning a similar price drop here would equate to a $4278 drop to $106,105 before on-roads. 

However, Hyundai Australia has told CarExpert the Ioniq 5 N Essential won’t be offered here. 

Transaction prices for the Ioniq 5 N make the saving somewhat irrelevant, with CarExpert finding numerous examples with ‘demonstrator’ mileage – around 2500km or less – in the $85-$90,000 range. 

Hyundai’s N lineup has expanded from pure petrol power to electric drivetrains.