Sales of Hyundai’s new Ioniq 5 electric vehicle are taking off in both South Korea and its first export markets, driving a new record share of its battery-electric car sales.
New figures from July showed that Hyundai has quadrupled sales of its plug-in models (including both plug-in hybrids and full battery electric vehicles), which accounted for 8.5% of its cars sold in July, up from 2.3% in July 2020.
The majority of these – a little more than 50,000 – were all-electric. Hyundai’s full battery-powered models reached 5% of its overall sales as the carmaker reaches towards its 2025 target to sell 560,000 EVs per year by 2025.
Importantly, the Ioniq 5, which is the South Korean carmaker’s first EV built on a dedicated electric drivetrain platform known as e-GMP, accounted for 50% of these sales year-to-date until July.
The Ioniq 5 has been on sale in South Korea and Europe since the second quarter of 2021. The crossover which comes with features such as “vehicle-to-load” bidirectional charging and integrated solar roof panels, is pitched by Hyundai as a “new mobility experience for the next generation”.
Its angular design, inspired by Hyundai’s first even concept car dubbed the Pony, utilises a clamshell hood that is said to improve aerodynamics.
It will be available in Australia in a variety of power configurations including 58 kWh or 72.6 kWh battery packs, as well as two electric motor layouts: rear motor only or front and rear motors. All variants offer a top speed of 185 km/hr.
An all-wheel drive (AWD) option paired with the 72.6-kWh battery produces a combined power output of 225 kWh and 605 Nm of torque at the top of the electric motor line-up. This setup can accelerate from 0 to 100 km/hr in 5.2 seconds, and is rated for 461km according to the European WLTP cycle.
It is expected to be launched by Hyundai in Australia in coming months, and is expected to compete directly with Hyundai’s own Kona EV which is based on the fossil-fuelled Kona.
If a low $60,000s price (before on-roads) proves correct, it will represent much better value for money than the Kona EV – as is evident in the fading Kona EV sales above.
But at that price point it will also compete with the Californian (and now Shanghai-made) favourite, the Tesla Model 3, which is now priced at $59,900 before on-road costs.
While the Model 3 – which is also expected to be joined by the Model Y imminently – has the advantage of being able to access both the Tesla charging network as well as third-party charging networks, the Ioniq 5 – like its South Korean cousin the EV6 which is also slated for Australia – will have the benefit of an 800-volt architecture which will enable it to fully utilise the fastest 350kW chargers.
Bridie Schmidt is associate editor for The Driven, sister site of Renew Economy. She has been writing about electric vehicles since 2018, and has a keen interest in the role that zero-emissions transport has to play in sustainability. She has participated in podcasts such as Download This Show with Marc Fennell and Shirtloads of Science with Karl Kruszelnicki and is co-organiser of the Northern Rivers Electric Vehicle Forum. Bridie also owns a Tesla Model Y and has it available for hire on evee.com.au.