Geely EX5 Gets a Big Upgrade — Should It Be on Your Novated Lease List?
A revised Geely EX5 with more power and rear-wheel drive has been revealed in China. Here's what Australian novated lease shoppers should know before the hype hits.
A significantly upgraded Geely EX5 has been revealed through a mandatory MIIT filing in China, according to EVcentral AU [Source 1]. The changes are meaningful: a power increase, a rear-wheel-drive variant, and active aerodynamics — the kind of update that shifts a car from "interesting" to "genuinely competitive" in the mid-size EV segment.
Geely already has a foothold in Australia through Volvo and Polestar. The EX5 is its play for the mainstream — and an upgraded spec sheet puts it more directly in the sightline of Tesla Model Y and BYD Seal U, both of which are already popular novated lease choices.
What this means for novated lease customers
Right now, the Geely EX5 is not yet widely available through Australian dealers, so this is a watch this space moment rather than a call to action. That said, it matters for a few reasons.
First, eligible battery electric vehicles (BEVs) under the luxury car tax threshold currently attract zero FBT under Australia's EV discount policy — meaning a BEV on a novated lease can deliver real pre-tax savings that a private car purchase simply can't match. If the EX5 lands in Australia at a competitive price point and qualifies as a BEV, it would sit inside that policy framework.
Second, increased competition from cars like the upgraded EX5 puts downward pressure on pricing across the segment. More affordable EVs at competitive specs generally means more options sitting under the LCT threshold — which is where novated leasing delivers its strongest potential savings. None of this is guaranteed, and availability, pricing, and final specifications for the Australian market are all unknown at this stage.
Common questions
Is the Geely EX5 available in Australia right now?
Not widely through established dealer networks as of mid-2026. The MIIT filing in China signals an upgraded model is coming, but Australian availability and timing have not been confirmed. Keep an eye on local announcements before making any decisions.
Would the Geely EX5 qualify for the EV FBT exemption in Australia?
If it arrives as a battery electric vehicle priced under the luxury car tax threshold and meets the other eligibility conditions, it should qualify — but final confirmation depends on the Australian price at the time of delivery. Always verify eligibility with your novated lease provider before signing.
How does it compare to Tesla Model Y or BYD Seal U for novated leasing?
On paper, the upgraded EX5 spec looks competitive. In practice, resale value, dealer network, and service availability in Australia all factor into the total cost of a novated lease — not just the sticker price. Tesla and BYD currently have more established local infrastructure.
Should I wait for the Geely EX5 before locking in a novated lease?
Only if you're comfortable waiting without a confirmed timeline. The EV market is moving fast, and there are strong eligible vehicles available now. Talk to a broker who can map out the numbers across multiple options rather than speculating on future releases.