Hyundai Motor's new EV IONIQ 5 off to outstanding start

Hyundai Motor's IONIQ 5 electric vehicle / Courtesy of Hyundai Motor

By Baek Byung-yeul

Hyundai Motor is cruising to its goal of becoming a powerhouse company in electric vehicles (EVs) as its new EV model IONIQ 5 has been received well in both domestic and European markets.

The carmaker's European subsidiary said Friday (local time) that it sold 3,000 IONIQ 5 vehicles on the first day of preorders. The subsidiary added European consumers showed a robust response to the new EV model as about 10,000 people applied to buy the IONIQ 5.

After the new EV was unveiled last week, the European subsidiary said it has generated around 236,000 inquiries. After rolling out the IONIQ 5 in Europe this month, Hyundai plans to release the new EV in other regions including the United States later this year.

The IONIQ 5 also enjoyed brisk preorders in the Korean market, reaching 23,760 on the first day of preorders, which surpassed the company's previous record of selling 17,294 Grandeur sedans in advance orders in 2019.

The figure was also larger than the record held by Kia, a sister company of Hyundai Motor, which sold 23,006 preorders for Carnival minivans, also known as the Sedona in North America, in 2020.

“The exceptionally high interest in IONIQ 5 underlines the strength of Hyundai in zero-emission mobility. With its ultra-fast charging, long range and customizable interior space, the IONIQ 5 is a game-changer that sets the benchmark in its class ― and these outstanding characteristics have immediately proved to be attractive to significant numbers of European customers,” said Andreas-Christoph Hofmann, vice president of marketing and product at Hyundai Motor Europe.

The IONIQ 5 is Hyundai Motor Group's first EV model based on its Electric-Global Modular Platform (E-GMP), a dedicated battery electric vehicle platform. The E-GMP is designed to serve as a core technology for the next-generation EVs of its Hyundai, Kia and Genesis brands.

The carmaker said cars produced on the platform have super-fast charging and long travel ranges on a single charge. Hyundai Motor launched its EV-only brand IONIQ in 2020 and plans to release three dedicated EV models ― the IONIQ 5, 6 and 7 ― by 2024.

The brisk preorders for the IONIQ 5 in Europe also raised expectations for Kia's new EV model CV, which will be released both in domestic and European markets later this year. The automotive group expects the European market, where stricter CO2 emission regulations have been applied since 2020, will be the largest market for its EVs.