Just like ID.3, also the ID.5 is (at least initially) is only for the European market.
Thomas Ulbrich, Member of the Board of Management of the Volkswagen Brand responsible for E-Mobility, revealed in an interview with Automobilwoche that ID.5 will be built and sold only in Europe. ID.5 will not be available globally like the ID.4 as "It would be too early for that. And that is not currently planned."
We don't know much about the upcoming ID.5, besides the fact that it will also be based on the MEB platform, and as the number indicates - more capable than the ID.4.
Meanwhile, here is a gallery with a test vehicle that is supposed to be the ID.5: