Hyundai Ioniq 5 sells out in less than three hours

HYUNDAI’S highly-anticipated Ioniq 5 has proved a day-one sellout, with Hyundai Motor Company Australia (HMCA) confirming that the entire 2021 allocation of 240 cars was claimed just over two hours.

Once web orders opened at 9.30am yesterday, site traffic was so strong that the 5’s landing page experienced “technical issues” which led to “the early suspension of the ordering process”, with 170 deposits taken and all 240 cars accounted for. 

Sold exclusively via Hyundai’s website, interest in the Ioniq 5 has been high since the car was announced in February with a second batch of around 160 cars to be available at the start of 2022, taking the total of Australia’s initial Ioniq 5 allocation to 400 cars. 

However, HMCA believes the Ioniq 5 has the potential to sell in far greater quantities next year, provided it can get enough supply.

Speaking to the media via video conference at the local launch of the Ioniq 5, HMCA general manager of product Andrew Tuitahi said the next allocation should be substantially more than the 400 units that are already earmarked for this country.

“It’s going to be significantly higher than 400, but less than we really like. It’ll be somewhere in the middle there,” he said.

Asked whether Ioniq 5 could become a core model for HMCA, Mr Tuitahi was less circumspect. 

“Relative to a Tucson or a Kona… no. Relative to a Sonata or something like that… I think this will outsell Sonata,” he said.

For reference, 386 Sonatas have been sold so far this year ending September 30.

With 400 cars effectively set as the base, and with Tesla proving that appetite for long-ranged EVs with premium pricetags is rising (the American brand imported an estimated 6300 Model 3s in the first half of the year), it appears Ioniq sales could realistically enter four-digit territory with ease.

As for tweaks or additions to range spec and pricing, there may be little movement on that front until supply opens up. 

The strong reaction to the first batch going on sale proves that the Ioniq 5’s $71,900 starting price is no great barrier to sales, and would arguably disincentivise the introduction of more affordably-priced variants until demand for the initial highly-specced model tapers.

However, the company will continue to monitor customer demand to gauge whether new variants need to be introduced, with its online ordering system to be the primary conduit for that data.

“The way we’re going to approach it is through a little bit of research,” Mr Tuitahi said.

“As we’re taking expressions of interest we plan to capture what kind of specifications and features customers are interested in, and we’ll take on board that feedback to guide our ordering process and what we put through with the factory.”

The Ioniq 5 is the first model of Hyundai’s nascent Ioniq EV sub-brand. 

Previously, the nameplate was attached to a single model – which continues to be sold in conventional hybrid, plug-in hybrid and pure-electric form – but the family will grow in the coming years as Hyundai’s adds more models.

Built on a dedicated EV platform, the Ioniq 5 sits on a huge 3000mm wheelbase, with its deceptive hatchback-like styling masking a vehicle that’s more akin to a midsize SUV. 

In Australia, it’s marketed in a single specification grade with a high level of standard equipment and the sole option a more powerful dual-motor, all-wheel drive powertrain.

Pricing starts at $71,900 for the “entry-level” Ioniq 5 2WD, which uses a single 160kW/350Nm motor on its rear axles, lifting to $75,900 for the AWD, which downrates the rear motor to 155kW, but adds a 70kW motor up front for a total system output of 225kW/605Nm. 

Both use the same 72.6kWh lithium-ion polymer battery, with charging times ranging from 31 hours using the portable charger on a household 240V outlet, to just 18 minutes for a 10-80 per cent fast charge when connected to a 350kW DC charger. 

Using the latter, 100km of driving range can be acquired within just five minutes.

Claimed range on the NEDC cycle is 451km for the 2WD variant, and 430km for the AWD.