The latest offering of Hyundai Ioniq 5 electric crossovers has sold out in less than seven minutes, highlighting both the extraordinary demand for quality EVs in Australia, and the frustration in the market about the lack of supply.
Hyundai offered around 100 Ioniq 5s on a first-come, first served basis to customers that had already registered their interest on line. More than 16,000 potential customers had done so. The sale started at 1pm AEDT.
The response was so overwhelming that the allotment – it ended up being 109 Ioniq 5s – was sold out in just six and a half minutes. It is not known when the next batch of Ioniq 5s will be available.
The Ioniq 5 has won multiple car of the year awards from media and motoring groups around the world, and is Hyundai’s first EV to be produced on a new dedicated electric drive train. The same drivetrain is used by sister company Kia, and its equally impressive EV6, which is the first of at least seven different electric models to be produced.
The Ioniq 5 features a spacious interior and vehicle-to-load technologies that allow users to power devices such as tools and camping equipment, or power many appliances within their home in the case of a blackout.
Australia now features a range of top quality EV options to compete with the best selling Tesla Model 3. Most, however, are in the $60,000 to $80,000 range, and most are in short supply.
Tesla warns that deliveries will take up to nine months, Kia has only 500 EV6s available this year and reckons it could sell 10 times as much, and there are supply constraints on the Volvo XC40 and the Polestar 2.
Hyundai has now sold 445 Ioniq 5s in Australia, but it is not yet known when a new batch will be offered for sale. Most car makers are suffering supply constraints, and cost increases, due to the lingering impact of Covid-19 and Russia’s invasion of Ukraine.
In Australia the situation is made worse because of the lack of any federal incentives, and the absence of any vehicle emissions standards.
See also:Â Look who’s ruining the weekend now: Why it’s so hard to buy an electric car
Some frustrated and unsuccessful would-be buyers lamented their bad luck on Facebook, and it seemed to them the “sold out” sign came up even quicker.
“Got all the way through the order process, about to submit the last step and got the dreaded “sold out” pop up. Everything gone in 3 minutes,” said one.
Others had better luck. “Still in disbelief! Very excited. Slightly awkward conversation with my husband afterwards!” noted another.
This one, though, had to bend his budget: “Yep, but had to get AWD even though only wanted RWD.” He’ll probably enjoy the extra acceleration, despite the extra cost.
Giles Parkinson is founder and editor of The Driven, and also edits and founded the Renew Economy and One Step Off The Grid web sites. He has been a journalist for nearly 40 years, is a former business and deputy editor of the Australian Financial Review, and owns a Tesla Model 3.