Audi is a bit late to the SUV party. But in the best Audi tradition, they’re fashionably late. The Q7 was the first real sport utility from the four rings brand, and it is a large full-size SUV. While other companies could rely on the sales of their smaller SUV’s to keep things moving during the gas crisis, Audi only had the Q7. Well not anymore.

Aptly named the Q5, this new small SUV shares it’s platform with the new Audi A4, but similarities end there. First off, the Q5 will come to the U.S. only with a 270hp 3.2-liter V6 and a six-speed auto. All Q5’s will also come with Audi’s legendary Quattro all-wheel drive. Audi’s internal tests suggest the U.S.-spec 2009 Q5 will return about 17 mpg in the city and 24 on the highway.

Think of it as an A4 on steroids, well at least on weight-gainer. The Q5 is the perfect rival for the likes of BMW’s X3 and Infinity’s new EX35. Filip Brabec, Audi USA’s general manager of product planning, tells us the Q5 will offer “usual Audi pricing” in this segment. What this means is that this luxury crossover will likely be a bit less expensive than its German rivals.

The new Audi Q5 will go on sale at Audi dealerships nationwide on March of 2009. While U.S. pricing has not been set, I’d expect it to start at around $35,000. Since they all come with the same powertrain, expect the only difference in pricing to be determined by options like navigation systems and the panoramic sunroof.

Above: Audi’s usual high quality interior is evident in the Q5….