Hyundai Surprised at Ioniq 5 Success, Says Executive

Hyundai’s head of European operations Michael Cole says the company is surprised at the success of the Ioniq 5 electric vehicle (EV), according to a report this week from Autocar.

The Ioniq 5 is the first in Hyundai’s series of models based on the E-GMP powertrain architecture, with the automaker launching the Ioniq 6 sedan last year in Europe (and soon in North America) and the Ioniq 7 set to follow next year.

Hyundai’s Ioniq 5 has been a sales success, and its range has been a contributor in no small part though it was pitched higher than the automaker’s traditional position.

“Our experience with Ioniq 5 would almost suggest no. It’s brought such a rich conquest mix, and it’s probably a higher ratio of customers from premium brands than we’d anticipated. There is not necessarily a limit,” said Cole when asked about how premium Hyundai could pitch the Ioniq’s future.

“With Ioniq 7 there was a bit of hesitation a year ago prior to Ioniq 5 about whether it was a car for Europe – but after the success of the Ioniq 5, we now 100 percent think it’s a car that we can sell in Europe, and we will capture some premium brand customers with it. Brand loyalty doesn’t seem to be as strong in EVs.”

Last year, the Ioniq 5 earned Motortrend’s first SUV of the Year award, after earning EV of the Year from Car and Driver.