Pre-Order Sensation Ioniq 5, 'Sold Out' in Sight

Record First-Day Pre-Orders Reach All-Time High... First Electric Vehicle Surpasses Internal Combustion Cars

[Asia Economy Reporter Yu Je-hoon] Hyundai Motor Company's first dedicated electric vehicle (EV), the Ioniq 5, is on the verge of a "sell-out." On the very first day of pre-orders, it achieved 90% of this year's annual sales target (26,500 units). Notably, the Ioniq 5 is the first electric vehicle model to surpass the pre-order records of internal combustion engine cars, marking a milestone in the "popularization of electric vehicles."

Hyundai Motor announced on the 26th that as a result of conducting pre-orders for the Ioniq 5 nationwide through dealerships starting the previous day, the number of contracts on the first day reached 23,760 units. This surpasses the first-day pre-order records of the Kia 4th generation Carnival (23,006 units) and Hyundai's 6th generation Grandeur facelift model (17,294 units).

Thus, the Ioniq 5 has earned the titles of achieving the largest first-day pre-sale record ever and being the first electric vehicle model to surpass the first-day pre-order record of internal combustion engine cars. Considering that the share of electric vehicle sales in the domestic finished car market is only about 2.5%, this is interpreted as a clear signal for the full-scale popularization of electric vehicles.

The reasons why the Ioniq 5 continues to create a sensation from the domestic pre-order stage include its distinctive design and electrification technology. It attracts early adopters' attention by being mass-produced with a design almost identical to the 2019 concept car, the 45 EV.

Foreign media have also given favorable reviews. The American automotive magazine MotorTrend stated, "Since this is not a rendering image or concept car image, there is no need to adjust the screen brightness," adding, "It has a futuristic image, but this is the new model of Hyundai you will meet, and it will open a new era of Hyundai design." The British automotive magazine Autocar also commented, "The parametric pixels applied to the headlights and taillights, which have never been seen in existing Hyundai cars, are unique, and the clean straight lines are attractive."

The ‘V2L (Vehicle To Load)’ technology, which supplies general power (220V) outside the vehicle, allowing unrestricted use of home appliances and electronic devices during outdoor activities or camping, also drew attention. A Hyundai Motor official explained, "The explosive response from customers to the Ioniq 5 in just one day was due to meeting customers' demands and expectations for Hyundai's first dedicated electric vehicle, which offers a completely new experience with innovative design and advanced technology."

Price is also a major factor supporting its success. Hyundai revealed that the Ioniq 5 is priced at 52 million to 52.5 million KRW for the Exclusive trim and 57 million to 57.5 million KRW for the Prestige trim. Considering the individual consumption tax exemption for electric vehicles (up to 3 million KRW) and the zero-emission vehicle subsidies from the government and local governments (12 million KRW based on Seoul), the actual vehicle purchase price is reduced to 37 million to 42.5 million KRW. This is comparable to the price of mid-to-large sedans like the Grandeur currently sold domestically.

Meanwhile, with the start of pre-orders for the Ioniq 5, competition with Tesla, which leads the global electric vehicle market, is also drawing attention. Currently, the number of pre-orders for the Ioniq 5 significantly surpasses Tesla's total electric vehicle sales last year (11,826 units), and it plans to officially enter the European market starting in March and the U.S. market in the second half of the year. Reporter Yu Je-hoon kalamal@