Hyundai Motor's IONIQ 5 pulls in record pre-orders

Hyundai Motor Co.'s latest all-electric vehicle is making headlines in Europe, with over 10,000 users signing up for the 3,000 units of the limited edition IONIQ 5 Project 45 on the first day of registration, according to the company on Feb. 28.

The IONIQ 5's success in Europe is an extension of its performance in South Korea. According to Hyundai Motor, the company received pre-orders for 23,760 units on the first day of its unveiling -- an all-time high for a finished car model in Korea.

The IONIQ 5, a mid-size crossover utility vehicle (CUV), is the first car to sit on the Electric-Global Modular Platform (E-GMP), which will underpin all forthcoming electric cars from both Hyundai and sister firm Kia Corp.

The car's advanced features have captivated customers worldwide. IONIQ 5’s ultra-fast charging capability enables it to drive more than 100 km on only a five-minute charge. It also offers a spacious and customizable interior for passengers and luggage, equivalent to a sports utility vehicle.

IONIQ 5's reasonable price is another reason for the global hype. The IONIQ 5 Long Range model is priced between 52 million won ($46,480) and 57.5 million won, but the price tag can come in as low as 37 million won, including government subsidies and tax benefits. 

"IONIQ 5's record will be an important milestone for the commercialization of electric vehicles this year," said a Hyundai Motor official.

The car has also received rave reviews abroad for its new look, which is "a departure from those of previous Hyundais, including the clamshell bonnet and pixelated front and rear lights. The clean lines are a deliberate tactic," according to the UK auto magazine, Autocar.

Hyundai Motor's sister firm, Kia, is also planning to unveil its E-GMP powered electric vehicle, the CV, later this month before the scheduled release in July. Hyundai Motor Group is set to solidify its footing in the global EV market if the CV enjoys the same level of success as the IONIQ 5, industry watchers say.

Hyundai Motor Group has said it plans to introduce 23 fully electric models and sell 1 million units a year globally by 2025.

EV BOOM PROMPTS HYUNDAI MOTOR TO INCREASE PRODUCTION

Europe is one of the fastest-growing EV markets worldwide. Last year, 745,684 EVs were sold in Europe, more than double the amount from the year-earlier period. This year, over 1 million EVs are expected to be sold across Europe.

Last year Hyundai Motor and Kia sold 95,917 EVs in Western European markets, posting over 120% growth from the previous year. The two Korean automakers aim to sell 70,000 units and 60,000 units in Europe this year, respectively.

The flourishing EV industry and the IONIQ 5's explosive success have prompted Hyundai Motor to consider increasing car production at the company's Ulsan-based plants. 

Initially, Hyundai Motor had planned to produce around 72,000 units of IONIQ 5 at its Ulsan Plant 1 this year. The automaker is now reviewing plans to transform Ulsan Plant 1's second line into an exclusive product line for the IONIQ 5. The second line was originally set to produce both the Kona EV and the IONIQ 5.

Write to Byung-wook Do and Sun A Lee at dodo@hankyung.com
Danbee Lee edited this article.