At thirty-eight grand driveaway for a fully electric SUV, Chery has lobbed the MY26 E5 Ultimate into a volatile market where one-upmanship may well mean a race to the bottom. At $37,990, the only brands likely to meet it without a mild attack of the vapours are the other Chinese marques already treating affordable EV pricing like a contact sport.
This is the real story. Not merely that Chery has cut the price, but where that price now sits. The E5 is not trying to pick a fight with premium European curios, nor with prestige brands that think a fancy badge and some mood lighting can excuse financial indecency. It is going straight into the meat grinder where BYD, GAC, GWM, Leapmotor, MG, Hyundai, Kia, Jeep, Volvo, and Renault are all waving spec sheets about like daggers at 50 paces.
The difference is that the Chery now looks like one of the sharper deals in the rack.
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ABOVE: Chery E5 stock images from the GCB library.
The size and price squeeze
At $37,990 driveaway, the E5 is awkwardly cheap for everyone else. It is priced close to smaller hatchbacks and baby SUVs, yet presents as a larger small SUV option. Only the other Chinese brands seem willing, or perhaps able, to play this sort of game without coming over all queer.
| Model | Segment Type | Estimated drive away price |
|---|---|---|
| Chery E5 Ultimate | SUV (Large-Small) | $37,990 |
| BYD Atto 2 | SUV (Small) | $33,210 – $39,195 |
| GAC Aion UT | Hatchback | $30,990 – $35,990 |
| GWM Ora | Hatchback | $35,990 – $38,990 |
| Leapmotor B10 | SUV (Small) | $38,990 – $41,990 |
| Hyundai Inster | City SUV (Micro) | $39,990 – $49,170 |
| MG S5 | SUV (Small) | $40,490 – $46,990 |
| BYD Atto 3 | SUV (Medium) | $44,090 – $49,240 |
| Hyundai Kona Electric | SUV (Small) | $45,990 – $64,990 |
| Kia EV3 | SUV (Small) | $50,270 – $71,340 |
| Jeep Avenger EV | SUV (Small) | $49,990 – $60,990 |
| Volvo EX30 | SUV (Small) | $59,990 – $75,290 |
| Renault Megane E-Tech | Hatchback | ~$54,990 |
That is rather telling. BYD can meet it. GAC can. GWM can. MG can just about hold eye contact. The legacy makers, meanwhile, still seem convinced their small EVs should be priced like family inheritances. Kia’s EV3 wandering up past $71,000 is particularly rich. It is less a price point than a cry for help. The once go-to for bargain hunters has priced itself into a place it should not be.
The GCB take
The new E5 price is not just a discount. It is a flare shot into the middle of Australia’s affordable EV market. Chery now sits in a very awkward spot for rivals, close enough to the cheapest Chinese offerings to look like value, but large enough to make some of them feel a bit cramped, while sitting miles below the upper reaches of Hyundai, Kia, Jeep, Volvo, and Renault pricing.
If the E5 drives well enough and avoids ownership nonsense, buyers will do what buyers always do. They will look at the size, look at the sticker, and ask why some legacy brands are still charging as though 2021 never ended. Eyes on the prize girls, or suffer as the long-dead Holden did, which did not read the room and disappeared in a puff of completely irrelevant indignation.
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Alan Zurvas is the founder and editor of Gay Car Boys, Australia's leading LGBTQI+ automotive publication. Before launching GCB in 2008, Alan's automotive writing was published in SameSame.com.au and the Star Observer. With over 16 years of hands-on car reviewing experience, Alan brings an honest, irreverent voice to every review — championing value and innovation over brand loyalty.
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