BYD Song Plus EV vs Hyundai Ioniq 5
Head-to-head comparison for the Canadian market. Which electric vehicle offers the best value in 2026?
BYD Song Plus EV
$38,000
CAD before incentives
505 km
Range
Hyundai Ioniq 5
$47,999
CAD
488 km
Range
Our Verdict
The BYD Song Plus EV saves you $9,999 compared to the Hyundai Ioniq 5 while offering 17 km more range. In Quebec, after $2,000 in provincial incentives (Chinese EVs not eligible for federal EVAP), the BYD Song Plus EV drops to just $36,000 — making it one of the best value EVs in Canada.
Who Should Buy the BYD Song Plus EV?
The BYD Song Plus EV is the better pick if maximizing value matters more than dealer coverage. At $38,000 CAD before incentives, it undercuts the Hyundai Ioniq 5 by $9,999 (21%) and delivers 505 km of real-world range — enough to cover two weeks of average Canadian commuting between charges. You also get 17 km more range than the Hyundai Ioniq 5, which matters on longer Trans-Canada Highway trips.
Best for: urban drivers in Toronto, Montreal, Vancouver and Calgary who want the latest battery tech (LFP chemistry is widely used by Chinese OEMs, offering better safety and longer cycle life than older NMC packs), don't rely on a single dealer network, and are comfortable with a brand that is newer to the Canadian market but dominant globally.
Who Should Buy the Hyundai Ioniq 5?
The Hyundai Ioniq 5 remains a strong choice if dealer access, service infrastructure, and resale value are top priorities. At $47,999 CAD, it costs more upfront, but it may qualify for up to $5,000 in federal EVAP rebates (depending on final certification), closing the gap to roughly $4,999.
Best for: buyers who value an established dealership footprint across all 10 provinces, easier access to OEM service and parts, and predictable Canadian warranty handling.
5-Year Ownership Costs (Canada)
Based on 20,000 km/year, $0.12/kWh average Canadian electricity rate, 4% annual insurance cost, and 1% annual maintenance — typical for a new EV kept for 5 years.
BYD Song Plus EV
- Purchase
- $38,000
- Electricity (5 yr)
- +$2,160
- Insurance (5 yr)
- +$7,600
- Maintenance (5 yr)
- +$1,900
- Total
- $49,660
Hyundai Ioniq 5
- Purchase
- $47,999
- Electricity (5 yr)
- +$2,160
- Insurance (5 yr)
- +$9,600
- Maintenance (5 yr)
- +$2,400
- Total
- $62,159
💡 Over 5 years, choosing the BYD Song Plus EV saves an estimated $12,499 CAD versus the Hyundai Ioniq 5— that's enough to cover more than a full year of electricity, insurance and maintenance for most Canadian households.
What This Means for Canadian Buyers
The Canadian EV market is at a turning point in 2026. With the federal iZEV program renamed EVAP in February 2026, eligibility has tightened to vehicles manufactured in Canada or FTA partner countries with an MSRP under $50,000 — effectively excluding Chinese-made EVs from the $5,000 federal rebate. Quebec's Roulez vert program was also reduced from $7,000 to $2,000 in January 2026 and is scheduled to end December 31, 2026. BC, Nova Scotia and New Brunswick provincial programs have all ended.
Despite these headwinds, the BYD Song Plus EV remains attractive because its base price ($38,000) is already below the equivalent gas-powered compact segment once you factor in the 5-year fuel savings of around $$13,200versus a typical 8 L/100 km gasoline vehicle. The Hyundai Ioniq 5 keeps its EVAP eligibility, shrinking the gap to the BYD Song Plus EV to roughly $4,999.
Range matters differently depending on where you live. In Ontario and Quebec, where winter temperatures drop to -20°C, both vehicles will lose approximately 25% of their rated range — the BYD Song Plus EV at 379 km and the Hyundai Ioniq 5 at 366 km. Use our incentive calculator to model your province, or browse the Quebec charging guide and Ontario charging guide to plan around your local network.
Frequently Asked Questions
Is the BYD Song Plus EV better than the Hyundai Ioniq 5?
The BYD Song Plus EV is $9,999 cheaper than the Hyundai Ioniq 5 in Canada — a 21% lower price. It also offers 17 km more range. However, the Hyundai Ioniq 5 has established dealer networks across Canada. The best choice depends on your priorities: value (BYD Song Plus EV) or brand familiarity (Hyundai Ioniq 5).
How much can I save with the BYD Song Plus EV vs Hyundai Ioniq 5?
You save $9,999 CAD on the purchase price alone. Over 5 years including fuel and maintenance savings, the total savings could exceed $24,999 compared to a gas vehicle or $9,999 compared to the Hyundai Ioniq 5.
When will the BYD Song Plus EV be available in Canada?
Chinese EV brands are expected to begin Canadian sales in late 2026. Sign up for notifications on China-EV.ca to be alerted when specific models become available at dealerships near you.
Does the Hyundai Ioniq 5 qualify for the federal EVAP rebate?
Yes — the Hyundai Ioniq 5 may qualify for up to $5,000 federal EVAP rebate if its MSRP is under $50,000 and it's manufactured in Canada or an FTA country. Check the current iVZEV/EVAP eligibility list for the latest confirmation.
What's the 5-year total cost of ownership for the BYD Song Plus EV?
Over 5 years and 100,000 km of driving in Canada, the BYD Song Plus EV costs approximately $49,660 CAD including purchase price ($38,000), electricity (~$2,160), insurance (~$7,600), and maintenance (~$1,900). That's $12,499 less than the Hyundai Ioniq 5's $62,159 total.