Hyundai boss admits surprise at success of Ioniq 5

Hyundai’s European chief Michael Cole has admitted the firm has been surprised how successful the Hyundai Ioniq 5 EV has been at winning over customers from premium brands.

The sharply-styled SUV is the first in a line of models from the Ioniq sub-brand that uses the Hyundai Motor Group’s bespoke electric E-GMP platform. It was joined last year by the Hyundai Ioniq 6 saloon, with the larger Ioniq 7 SUV set to follow next year.

Due to the higher cost of EVs, the Ioniq range is pitched above where Hyundai has traditionally been positioned, but has been a sales hit.

Asked if there was a limit to how premium a future Hyundai could be pitched, Cole said: “Our experience with Ioniq 5 would almost suggest no. It’s brought such a rich conquest mix, and it’s probably a higher ratio of customers from premium brands than we’d anticipated. There is not necessarily a limit.

“With Ioniq 7 there was a bit of hesitation a year ago prior to Ioniq 5 about whether it was a car for Europe – but after the success of the Ioniq 5, we now 100 per cent think it’s a car that we can sell in Europe, and we will capture some premium brand customers with it. Brand loyalty doesn’t seem to be as strong in EVs.”

But Cole ruled out a wholesale premium switch for Hyundai, adding: “We want to keep the customer base we’ve got, we’re not trying to change our whole outlook, but we believe we can reach a whole new customer as well with EVs.”