Hyundai Ioniq 5 vs Volvo EX40

The two look identical on paper at $69,990, but the numbers are not like for like. The Ioniq 5's figure is a promotional drive-away price, so it is close to what you actually pay on the road, while the EX40's $69,990 is a list price before on-road costs, which adds several thousand dollars on top. On a drive-away basis, then, the Ioniq 5 is currently the cheaper car to put on the road, though Volvo's $7,000 April 2026 cut narrowed a gap that used to run the other way. Both figures are time-sensitive, so confirm the Hyundai offer and the Volvo list price are still current before you decide. Read the sticker with the basis attached, not on its own.

The Ioniq 5 is a size up, and the cabin shows it. Its 3,000mm wheelbase is nearly 300mm longer than the EX40's, which turns into noticeably more rear legroom, and its boot holds 520 litres to the Volvo's 410, or 1,580 against 965 with the rear seats folded. It also adds a 57-litre front boot for cables. The EX40 is the more compact, city-friendly shape, easier to park and thread through tight streets, and it still seats five in comfort. But if you regularly carry people and gear, or fit child seats behind tall adults, the Hyundai is the more practical of the two by a clear margin.

The Ioniq 5 wins here. Its 800-volt architecture takes the battery from 10 to 80 per cent in about 18 minutes on a strong DC charger, where the EX40's 400-volt system needs closer to 28. On range, the Ioniq 5 claims about 570km WLTP from its 84kWh battery against the EX40's roughly 520km from 82kWh, both on the same cycle. The Volvo is not slow to charge, and 520km is plenty for most weeks. But on longer drives the difference compounds: the Hyundai turns a lunch-length stop into a coffee break and travels further between them, so road-trippers will feel the gap most.

This is the one area where the Volvo's paperwork lags. The EX40 currently carries no ANCAP rating: the electric XC40 it descends from scored five stars back in 2018, but that result expired at the end of 2024 and Volvo has not re-submitted the car. That is not evidence the EX40 is unsafe, and it still comes with autonomous emergency braking, lane keep assist, blind-spot monitoring and Volvo's long safety reputation. But the Ioniq 5 holds a current five-star ANCAP rating from 2021, with an 88 per cent adult-occupant and 89 per cent safety-assist score. If a live rating matters to you, the Hyundai is the safer bet on the record.

The EX40 is the performance pick for the money. Even the base Single Motor makes 185kW to the Ioniq 5 base's 168kW, and the 300kW, 670Nm Twin Motor is a genuine sleeper at $74,990 before on-road costs. The Ioniq 5 only offers all-wheel drive and that sort of pace in its dearest grade, the 239kW N Line Premium. For most buyers the outputs are academic, since both are quick enough in traffic and neither feels underdone off the line. But if straight-line speed and all-paw traction are what you are shopping for, the Volvo delivers more of both for less outlay, and it takes this one.

The EX40 keeps it simple: one Ultra grade, and it is well stocked. Heated front seats, a heated steering wheel, a panoramic roof and Google built into the infotainment are all standard. The Ioniq 5 offers all of that too, but it tiers it. Heated front seats arrive on the Elite, and the heated wheel and glass roof only on the top N Line Premium, so matching the Volvo's comfort kit means spending up the range. The Hyundai answers with bigger twin 12.3-inch screens and a longer warranty. If you want the luxury features without decoding a trim ladder, the Volvo is the easier buy.

For family duty the Ioniq 5 is the stronger all-rounder. The long wheelbase and big boot handle child seats, prams and the weekly shop more easily than the compact EX40, the 570km WLTP range and 18-minute fast charging cut the friction on school runs and road trips alike, and it backs that with a seven-year warranty and a current five-star rating. The EX40 is the better fit for a smaller household or a tighter garage, where its compact size, premium cabin and standard comfort kit are the draw rather than outright space. For most growing families, though, the Hyundai's room and range decide it.

If you are shopping on badge and cabin feel, the EX40 makes the emotional case. It has the Volvo name, a cabin AU reviews consistently rate for quality, a refreshingly conventional layout, standard luxury kit and, in Twin Motor form, real performance, all in a size that suits city life. The Ioniq 5's cabin is premium too, and AU reviews rate its materials a class above the mainstream, but it wears a mainstream badge and it is a bigger car to park. Choose the Volvo for prestige and polish in a compact EV; choose the Hyundai if space, range and charging outweigh the badge.