Hyundai’s smooth IONIQ 5 electrical SUV design and superior options are attracting a brand new group of consumers that might normally stick to a premium model. The success has even stunned firm leaders, like Michael Cole, President, and CEO at Hyundai Europe, who claims “model loyalty doesn’t appear to be as sturdy in EVs.”

After the IONIQ 5 made its official debut in 2021, Hyundai didn’t notice it had a gem on its fingers that might rework the corporate’s complete model picture.

Though Hyundai was generally known as a “low-cost” automotive model early on, the South Korean automaker has remodeled itself within the EV period with high quality inside and exterior designs, state-of-the-art know-how, and a concentrate on innovation.

By doing so, Hyundai, together with the Kia and Genesis manufacturers, grew to turn out to be the third largest automaker this previous 12 months, surpassing GM, Nissan, and Stellantis in annualy quantity in 2022.

Hyundai took a “radical new strategy” with its first devoted electrical car, the IONIQ 5. The automaker says the IONIQ 5 was designed and constructed with a progressive apporoach that began with seeking to its previous, specifically, its first distinctive car, the Pony.

Nevertheless, what really brings the IONIQ 5 to life is Hyundai’s Electrical Globular Modular Platform (E-GMP), the corporate’s devoted EV archetecture that includes as much as 310 miles vary (500 km), 800V ultrafast charging (18 minutes), vehicle-to-load capabilities (V2L), and extra.

The smooth, daring design and performance is attracting a brand new group of customers that’s shocking even Hyundai’s leaders.

Hyundai IONIQ 5 is attracting premium consumers

Hyundai’s progressive strategy is paying off. In line with a new report from Autocar, the IONIQ 5 has been successful over prospects from premium manufacturers.

Though the electrical SUV is priced above Hyundai’s typicaly vary, it’s about according to the competitors, beginning at $41,500, and gross sales have been sturdy.

The IONIQ 5 was adopted up by the IONIQ 6 electrical sedan, which was formally unveiled final July, gaining consideration as one of the aeordynamic and power environment friendly EVs available on the market and inserting among the many prime two fashions on Fueleconomy.gov’s 2023 prime 10 checklist with the Lucid Air.

IONIQ 5 and IONIQ 6 gross sales reached over 100,000 final 12 months because the model accelerated its transition to zero-emission electrical autos. Hyundai is planning to launch its bigger IONIQ 7 SUV subsequent 12 months.

The success of the IONIQ 5 has given Hyundai confidence in releasing its bigger SUV, as Cole explains:

With Ioniq 7 there was a little bit of hesitation a 12 months in the past previous to Ioniq 5 about whether or not it was a automotive for Europe – however after the success of the Ioniq 5, we now 100 per cent assume it’s a automotive that we are able to promote in Europe, and we are going to seize some premium model prospects with it. 

Cole provides “model loyalty doesn’t appear as sturdy in EVs” as a number of new electrical fashions are pulling gross sales from premium manufacturers.

Though Hyundai is attracting premium consumers, the model isn’t planning to alter its picture altogether (to a premium one). As a substitute, the corporate believes it might attain a complete new buyer base with its EVs.

Electrek’s Take

It doesn’t come as a shock the Hyundai IONIQ 5 is successful over premium consumers. The trendy look and performance is sufficient to make anybody convert.

Nevertheless, Hyundai isn’t the one model with EVs successful over new consumers teams. Tesla blazed its personal path, with two fashions now within the prime 10 greatest promoting vehicles worldwide. Ford, GM, and others have talked about success tales with consumers changing from gas-powered vehicles and different manufacturers.

The identical factor is going on in China. EV startups with daring designs and superior options are successful over prospects and stealing share from the premium manufacturers.

The actual fact of the matter is EVs are extra enjoyable to drive, consumers will search for the best choice available on the market no matter model.