2026 Lexus RZ prices slashed by up to $42,000 as upgraded electric SUV lands in May
The updated 2026 Lexus RZ arrives in May with more power, longer range and prices up to $42,000 lower than before with the new F Sport grade adding steer-by-wire tech for the first time.
Rob Leigh
Key takeaways
- 2026 Lexus RZ prices cut by up to $42,000, from $84,500
- RZ 500e now delivers 460km range and 280kW output
- RZ 550e F Sport brings steer-by-wire and 300kW AWD
Lexus has dramatically cut prices on its RZ electric SUV for 2026 with the entry-level 2026 Lexus RZ 500e Luxury now priced from $84,500 plus on-road costs - down more than $36,000 on the outgoing model. It arrives in Australian showrooms in May.
The previous RZ range was widely considered overpriced for what it offered. This update fixes that, while also delivering genuine mechanical improvements across the board.
2026 Lexus RZ pricing
| Variant | Price (before on-roads) |
| RZ 500e Luxury | $84,500 |
| RZ 500e Sports Luxury | $91,000 |
| RZ 550e F Sport | $105,000 |
| RZ 600e F Sport Performance | TBA |
The Sports Luxury has dropped by $42,000 to $91,000 - a reduction of just over 30 per cent. Both the Luxury and Sports Luxury now fall under the Luxury Car Tax threshold for fuel-efficient vehicles, making them eligible for Fringe Benefits Tax exemptions.
Lexus RZ 500e specs and performance
The RZ 500e gets a revised 74.7kWh battery, up from 71.4kWh, pushing WLTP range to 460km - a 16 per cent improvement. Total system output climbs to 280kW, a 50kW increase over the outgoing RZ 450e, while the AC charging rate doubles to 22kW for a full charge in as little as 3.5 hours.
| Specification | RZ 500e | RZ 550e F Sport |
| Battery capacity | 74.7kWh | 77kWh |
| Power output | 280kW | 300kW |
| Claimed range (WLTP) | 460km | 437km |
| 0-100km/h | 4.6 sec | 4.4 sec |
| Max AC charge rate | 22kW | 22kW |
| Max DC charge rate | 150kW | 150kW |
Lexus has also added body bracing, retuned the suspension and improved noise insulation throughout the range.
New Lexus RZ 550e F Sport
The headline arrival is the RZ 550e F Sport, the first F Sport version of the RZ offered in Australia. It uses a larger 77kWh battery and a 300kW dual-motor powertrain, with WLTP range rated at 437km.
Its standout feature is a steer-by-wire system paired with a yoke steering wheel - a first for any Lexus model locally. The yoke can rotate from lock to lock in around 200 degrees, removing the need for hand-over-hand steering. An "Interactive Manual Drive" mode lets drivers use paddle shifters to simulate eight gears, complete with reproduced motor sounds and a virtual tachometer.
Visually, the F Sport gets a unique front bumper, rear spoiler and diffuser, gloss black alloy wheels, and the option of a two-tone paint finish.
Lexus RZ 600e F Sport Performance
A limited-edition RZ 600e F Sport Performance will follow in late 2026 featuring a 313kW powertrain, a carbon fibre roof, 21-inch Enkei alloy wheels, wide arch mouldings and six-piston brakes. Pricing is yet to be confirmed.
The RZ competes with models like the BMW iX3 (from $109,900 before on-roads) and Audi Q6 e-tron (from $99,900 before on-roads). At $84,500, the entry-level Lexus RZ undercuts both by a significant margin.
With sharper pricing and a genuinely more capable car underneath, the 2026 Lexus RZ is a much harder proposition to dismiss.
Frequently asked questions
How much does the 2026 Lexus RZ cost in Australia?
The 2026 Lexus RZ starts from $84,500 plus on-road costs for the RZ 500e Luxury, with the RZ 550e F Sport priced at $105,000 before on-roads.
What is the range of the 2026 Lexus RZ?
The RZ 500e has a WLTP-rated range of 460km. The RZ 550e F Sport is rated at 437km.
When is the 2026 Lexus RZ available in Australia?
The updated RZ range arrives in Australian Lexus dealerships in May 2026.
