Geely EX5 Gets a Big Upgrade — Is It Now a Serious Novated Lease Option?
A revamped Geely EX5 with more power and rear-wheel drive has been revealed. Here's what Australian salary packagers should know before it lands.
The Geely EX5 just got a significant makeover. According to an EVcentral AU report published 22 June 2026, a substantially upgraded version of the EX5 has been revealed in China through a mandatory MIIT filing — the same regulatory disclosure process that tends to signal an imminent production-ready update. The changes reportedly include a power increase, a rear-wheel drive variant, and active aerodynamics. That's a meaningful leap for a model that was already competing with Tesla and BYD on price.
For context: Geely is not a fringe player. It owns Volvo, Polestar, and Lotus, and has been pushing hard into the Australian EV market. The EX5 has been positioned as a mainstream SUV alternative — the kind of vehicle that sits right in the sweet spot for novated leasing.
What this means for novated lease customers
If you're an Australian PAYG employee thinking about salary packaging an EV, the timing here is worth paying attention to. Under current FBT exemption rules for eligible EVs, vehicles that fall below the luxury car tax threshold and meet the ATO's criteria can be packaged with significant pre-tax benefits — meaning you pay running costs including repayments, registration, insurance, and charging from gross salary rather than net. The Geely EX5 has been priced to sit comfortably within that threshold, which matters a lot.
A more powerful, RWD variant could make the EX5 more attractive to buyers who previously passed on it for performance or handling reasons — but the critical novated leasing question is always the same: does it qualify for the EV FBT exemption, and what does the drive-away price look like? If the upgraded EX5 retains competitive pricing when it reaches Australian shores, it could become one of the more compelling non-Tesla, non-BYD options in the salary packaging conversation. That said, Australian delivery timelines and confirmed local pricing are not yet confirmed — so treat this as a 'watch this space' moment rather than a buying signal.
Common questions
Is the Geely EX5 currently FBT-exempt for novated leasing in Australia?
The current EX5 has been priced below the luxury car tax threshold, which is one condition for the EV FBT exemption. Eligibility also depends on the vehicle being a zero or low-emissions vehicle as defined by the ATO. You should confirm the specific variant's eligibility before signing anything — that's exactly what millarX does as part of the quoting process.
When will the upgraded Geely EX5 arrive in Australia?
As of the June 2026 MIIT filing, no Australian release date has been confirmed for the upgraded model. The MIIT process in China typically precedes a production launch, but local distribution timelines vary. We'll update this page when local information is available.
How does the Geely EX5 compare to a Tesla Model Y or BYD Atto 3 for novated leasing?
All three have been popular novated lease choices because they sit under the LCT threshold and qualify for the EV FBT exemption. The right choice depends on your driving needs, preferred features, and residual value outlook — not just the sticker price. A millarX adviser can run a side-by-side comparison for you.
Does rear-wheel drive affect anything for novated leasing purposes?
No — drivetrain configuration doesn't affect FBT exemption eligibility or how a novated lease is structured. It's purely a vehicle preference consideration.
Should I wait for the upgraded EX5 or lease something now?
That depends on your current vehicle situation, your tax year timing, and how long you're willing to wait without confirmed Australian pricing. Waiting for an unconfirmed model can cost you months of potential tax savings. Talk to a millarX adviser to weigh it up properly.