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Lexus has chopped up to $42,000 from prices of its slow-selling RZ electric SUV, as part of an update adding F Sport grades and an aircraft-style 'yoke' steering control.
Electric Cars
The 2026 Lexus RZ electric SUV will arrive in Australia next month with massive price cuts of up to $42,000 amid slow sales, alongside the addition of a 'yoke' steering control and, later this year, a "strictly limited" F Sport Performance special.
Priced from $84,500 before on-road costs, Lexus Australia has cut between $36,559 and $42,059 from the RZ Luxury and Sports Luxury, respectively.
It is despite specification updates, including a larger battery pack, more power, a faster maximum home wallbox charging power, and extra equipment.
However, it follows low sales for the RZ in Australia, being the brand's second-slowest-seller last year, reporting 41 registrations ahead of only the LS sedan (13). In 2024, only the LS (11) and the LC two-door (51) sold fewer cars than the RZ (215).
The Lexus RZ's updated Toyota bZ4X and Subaru Solterra cousins received price cuts of up to $10,010 and $7000, respectively, when they arrived in Australia late last year.
The outgoing RZ450e Luxury and Sports Luxury are now designated RZ500e, with a 50kW combined power boost from their dual electric motors, at 280kW instead of 230kW.
RZ500e grades also feature a larger 74.7kWh lithium-ion battery for an increased WLTP driving range of 460km, up from 395km in the outgoing RZ450e.
The RZ500e Luxury and Sports Luxury will be joined by a new RZ550e F Sport grade – priced at $105,000 plus on-road costs – adding an Australian-first steering wheel yoke with steer-by-wire control.
Unlike the now-defunct Tesla Model S and Model X in the US, which retain a traditional steering rack with a yoke control, the RZ's steer-by-wire system replaces the physical connection between the steering wheel and the front wheels with an electronic link.
Lexus says its steer-by-wire system reduces hand-over-hand movement when turning from centre to full left or right lock, requiring about 200 degrees of movement, and uses electronics to translate the driver's input into turns of the front wheels.
The RZ550e F Sport also adds artificial gear shifts, similar to the Hyundai Ioniq 5 N and Kia EV6 GT, featuring eight simulated gears controlled through steering wheel-mounted paddles.
A new 77kWh battery is fitted to the RZ550e F Sport, delivering a 437km claimed WLTP driving range, while its combined system output increases to 300kW.
Design changes compared with standard RZ grades include gloss-black alloy wheels, unique front styling with "extra openings to assist brake cooling", a functional rear spoiler, and an optional two-tone paint scheme.
Due in Australia later this year is the "strictly limited" RZ600e F Sport Performance, with local pricing yet to be confirmed.
The limited-edition model further increases combined power to 313kW, and features 20mm-lower suspension, 21-inch Enkei alloy wheels, a carbon-fibre roof, a body kit, and unique exterior and interior trim.
Lexus Australia has not announced if its Encore Platinum Electrified service remains complimentary for purchases of the 2026 RZ.
The service, launched in 2023 for the outgoing RZ, offered standard installation of a home wallbox charger, along with three years of free charging on the Chargefox public network, and other benefits such as valet parking, airport lounge access, and temporary access to other Lexus models.
Drive has contacted Lexus Australia for confirmation.
The 2026 Lexus RZ500e and RZ550e F Sport are due in Australia in May, with the RZ600e F Sport Performance set to follow by the end of this year.
2026 Lexus RZ price in Australia
Note: All prices above exclude on-road costs.
2026 Lexus RZ500e Luxury standard features:
2026 Lexus RZ500e Sports Luxury adds (over RZ500e Luxury):
2026 Lexus RZ550e F Sport adds (over RZ500e Sports Luxury):
2026 Lexus RZ600e F Sport Performance adds (over RZ550e F Sport):
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Jordan is a motoring journalist based in Melbourne with a lifelong passion for cars. He has been surrounded by classic Fords and Holdens, brand-new cars, and everything in between from birth, with his parents’ owning an automotive workshop in regional Victoria. Jordan started writing about cars in 2021, and joined the Drive team in 2024.
