The Ioniq 5, the first vehicle in Hyundai’s new electric car family, is off to a great start, attracting even premium customers.
Michael Cole, head of the manufacturer’s European branch, recently told Autocar that he was surprised by the success of this vehicle.
However, Hyundai took the risk of launching an original product in terms of design and positioning. Although the Ioniq 5 looks like a compact, it is actually a large 4.63-metre crossover, comparable in size to a Peugeot 5008. In addition, its prices are rather high for Hyundai, exceeding €50,000, a symbolic threshold that can make European customers hesitate to opt for a general brand.
That’s why Michael Cole is particularly surprised to see that the Ioniq 5 attracts so many premium customers. However, he notes that in the electric car market, brand loyalty is less important and customers are more willing to switch brands and explore new possibilities. Thanks to this success, Hyundai Europe is encouraged to launch the Ioniq 7, an even more expensive big SUV, which will be the cousin of the Kia EV9.
However, Michael Cole would like to point out that Hyundai does not intend to become a premium brand and does not forget its traditional clientele. The manufacturer plans to launch electric cars at more affordable prices in Europe.