Chery E5 Gets a Price Cut: MY26 Ultimate Now $37,990 Driveaway

Image credit: Chery Australia

Chery has taken the axe to E5 pricing. The MY26 update simplifies the range down to a single Ultimate variant at $37,990 driveaway, which is a $5,000 cut from the previous Ultimate price and actually cheaper than the old Urban base model was. For an electric SUV with 430km of range, a full-size spare, and a 7-year warranty, that's aggressive pricing.

The E5 is available to order now through Chery Australia's national dealer network.

What Changed for MY26?

The big change is the lineup. Chery has dropped the Urban variant entirely. For MY26, the E5 comes exclusively in Ultimate trim, which was previously the top-spec model at $42,990 driveaway. Now it's $37,990. That's not a small adjustment. That's a brand saying "we need to move metal" and pricing accordingly.

The move makes sense. The EV market in Australia is getting more competitive by the month. Chinese brands are undercutting each other, and buyers are spoiled for choice under $45,000. By consolidating to one well-specced variant at a lower price, Chery simplifies the decision and removes any "should I step up to Ultimate?" hesitation.

What You Get for $37,990

The E5 Ultimate is a compact electric SUV with 430km of WLTP range. Standard equipment includes Apple CarPlay and Android Auto, advanced safety systems, and a full-size spare wheel. That last point matters more than it sounds. Most EVs in this price range only give you a tyre repair kit, which is useless if you pick up a sidewall puncture on a country road.

Chery backs the E5 with a 7-year, unlimited-kilometre warranty, which is one of the strongest in the market. That's two years longer than Tesla and matches Kia's industry-leading coverage.

How It Compares to Rivals

At $37,990 driveaway, the E5 undercuts most of its direct competitors:

The MG MG4 matches the E5 on driveaway price and edges it on range (450km vs 430km), but the MG4 is a hatchback, not an SUV. If you want the raised ride height and SUV proportions, the E5 is the pick. The BYD Atto 3 is $2,000 more at RRP (before on-roads push it higher), has less range, and a shorter warranty. Chery's own C5 sedan undercuts it at $29,990 RRP but with less range and a smaller body.

Running Costs

Like any EV, the E5's running costs are where it really pays for itself. Charging at home on off-peak electricity (~$0.30/kWh) over 15,000km a year works out to roughly $600-750 in electricity. A comparable petrol SUV would cost $2,200-2,800 in fuel. That's $1,500-2,000 saved annually before you even factor in cheaper servicing and no diesel particulate filter to worry about. Over five years, the savings stack up to $7,500-10,000. Check our EV vs Hybrid cost comparison for the full maths.

Our Take

This is a smart move from Chery. The E5 was already decent value, but at $42,990 it was getting squeezed by the Atto 3 and MG4. At $37,990 driveaway with Ultimate spec, it becomes one of the strongest value propositions in the affordable EV space. 430km of range, a full-size spare, a 7-year warranty, and a driveaway price under $38k. That's hard to argue with.

The only question mark is Chery's brand recognition and resale value. They're still relatively new to Australia, and resale data is thin. But if you plan to keep the car for five-plus years and let the fuel savings do the talking, the E5 at this price makes a lot of sense.

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