Hyundai’s sleek IONIQ 5 electric SUV design and advanced features are attracting a new group of buyers that would usually stick with a premium brand. The success has even surprised company leaders, like Michael Cole, President, and CEO at Hyundai Europe, who claims “brand loyalty doesn’t seem to be as strong in EVs.”
After the IONIQ 5 made its official debut in 2021, Hyundai didn’t realize it had a gem on its hands that would transform the company’s entire brand image.
Although Hyundai was known as a “cheap” car brand early on, the South Korean automaker has transformed itself in the EV era with quality interior and exterior designs, state-of-the-art technology, and a focus on innovation.
By doing so, Hyundai, including the Kia and Genesis brands, grew to become the third largest automaker this past year, surpassing GM, Nissan, and Stellantis in annualy volume in 2022.
Hyundai took a “radical new approach” with its first dedicated electric vehicle, the IONIQ 5. The automaker says the IONIQ 5 was designed and built with a progressive apporoach that started with looking to its past, in particular, its first unique vehicle, the Pony.
However, what truly brings the IONIQ 5 to life is Hyundai’s Electric Globular Modular Platform (E-GMP), the company’s dedicated EV archetecture featuring up to 310 miles range (500 km), 800V ultrafast charging (18 minutes), vehicle-to-load capabilities (V2L), and more.
The sleek, bold design and functionality is attracting a new group of users that’s surprising even Hyundai’s leaders.
Hyundai IONIQ 5 electric SUV (source: Hyundai)
Hyundai IONIQ 5 is attracting premium buyers
Hyundai’s progressive approach is paying off. According to a new report from Autocar, the IONIQ 5 has been winning over customers from premium brands.
Although the electric SUV is priced above Hyundai’s typicaly range, it’s about in line with the competition, starting at $41,500, and sales have been strong.
The IONIQ 5 was followed up by the IONIQ 6 electric sedan, which was officially unveiled last July, gaining attention as one of the most aeordynamic and energy efficient EVs on the market and placing among the top two models on Fueleconomy.gov’s 2023 top 10 list with the Lucid Air.
IONIQ 5 and IONIQ 6 sales reached over 100,000 last year as the brand accelerated its transition to zero-emission electric vehicles. Hyundai is planning to release its larger IONIQ 7 SUV next year.
The success of the IONIQ 5 has given Hyundai confidence in releasing its larger SUV, as Cole explains:
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.
Cole adds “brand loyalty doesn’t seem as strong in EVs” as several new electric models are pulling sales from premium brands.
Although Hyundai is attracting premium buyers, the brand isn’t planning to change its image altogether (to a premium one). Instead, the company believes it can reach an entire new customer base with its EVs.
Electrek’s Take
It doesn’t come as a surprise the Hyundai IONIQ 5 is winning over premium buyers. The modern look and functionality is enough to make anyone convert.
However, Hyundai isn’t the only brand with EVs winning over new buyers groups. Tesla blazed its own path, with two models now in the top 10 best selling cars worldwide. Ford, GM, and others have mentioned success stories with buyers converting from gas-powered cars and other brands.
The same thing is happening in China. EV startups with bold designs and advanced features are winning over customers and stealing share from the premium brands.
The fact of the matter is EVs are more fun to drive, buyers will look for the best option on the market regardless of brand.
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More than 100,000 home batteries across California stepped up as a virtual power plant last week in a scheduled test event, and the results were impressive, according to new analysis from The Brattle Group.
Sunrun was the largest aggregator, Tesla was the largest OEM, and most of the batteries were enrolled in California’s Demand-Side Grid Support (DSGS) program.
Sunrun’s distributed battery fleet delivered more than two-thirds of the energy during a scheduled two-hour grid support test on July 29. In total, the event pumped an average of 535 megawatts (MW) onto the grid – enough to power over half of San Francisco.
The event, run between 7 and 9 pm, was coordinated by the California Energy Commission, CAISO (California Independent System Operator), and utilities to prepare for stress on the grid during August and September heat waves. And it worked.
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Sunrun alone averaged over 360 MW during the two-hour window. The batteries kicked in right when electricity demand typically spikes in the evening, acting just like a traditional power plant, but from people’s homes.
Brattle’s analysis found that the battery output made a visible dent in statewide grid load, when the power is needed most. “Performance was consistent across the event, without major fluctuations or any attrition,” said Ryan Hledik, a principal at The Brattle Group. He called it “dependable, planning-grade performance at scale.”
The Brattle Group
Residential batteries, Hledik explained, don’t just help shave off demand during critical hours; they can reduce the need for new power plants entirely. “They can serve CAISO’s net peak, reduce the need to invest in new generation capacity, and relieve strain on the system associated with the evening load ramp,” he said.
This isn’t a one-off. Sunrun’s fleet already helped drop peak demand earlier this summer, delivering 325 MW during a similar event on June 24. The company compensates customers up to $150 per battery per season for participating.
Sunrun CEO Mary Powell summed it up: “Distributed home batteries are a powerful and flexible resource that reliably delivers power to the grid at a moment’s notice, benefiting all households by preventing blackouts, alleviating peak demand, and reducing extreme price spikes.”
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Hyundai’s new Elexio electric SUV, which is built in China, could be sold in overseas markets. The CEO of Hyundai Australia calls it “a promising vehicle” that could help the company regain market share from Tesla, BYD, and others.
Will Hyundai’s new Elexio SUV be sold overseas?
The Elexio SUV is the first dedicated electric vehicle from Hyundai’s joint venture with BAIC in China, Beijing Hyundai.
According to a new report, Hyundai’s new electric SUV could be sold in overseas markets, including Australia. Don Romano, the CEO of Hyundai Australia, told journalists (via EV Central) last week during the launch event for the new IONIQ 9 that the company has done a “terrible job” with its EVs so far.
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“And the only explanation for that is that we haven’t put enough focus into it,” he explained. However, Romano promises the automaker will do better.
Hyundai plans to boost marketing and support its dealership network, which only began selling IONIQ EV models a little over a year ago.
The Hyundai Elexio electric SUV (Source: Beijing Hyundai)
In what mostly went under the radar, Romano also suggested the new Elexio SUV could arrive in Australia. “It’s under evaluation now,” he said, adding, “it’s definitely a promising vehicle.”
Despite this, it may have a few hurdles to clear. Hyundai’s Australian boss explained, “I still have work to do to ensure that it’s the right vehicle in the right segment at the right price for our market. And I have not reached that level yet.”
Hyundai Elexio electric SUV interior (Source: Beijing Hyundai)
Romano told journalists that a final decision needs to be made “in the next 60 to 90 days,” and to check back in three months when he will have a definitive answer.
Hyundai Australia is also looking to launch the IONIQ 2, a smaller, more affordable EV to sit between the Inster EV and Kona Electric.
Hyundai Elexio SUV (Source: Beijing Hyundai)
Romano said, “It’s a potential opportunity,” but didn’t provide any details. He said, at this point, he’s just glad Hyundai is producing it. “Now I just need to get the details and find out, will it fit into our overall product plan and create enough demand to where it becomes a viable option for us? So my initial thought is absolutely. Yep.” Hyundai Australia’s boss told journalists.
The new EVs would help Hyundai, which has been struggling to keep pace in the transition to electric, compete in Australia and other overseas markets.
Hyundai Elexio electric SUV during global testing (Source: Beijing Hyundai)
As of June 2025, Hyundai has sold only 853 EVs in Australia. In comparison, Tesla has sold 14,146 electric vehicles, and BYD has sold over 8,300. Even Kia is selling more EVs in Australia, with 4,402 units sold in the first six months of the year.
Measuring 4,615 mm in length, 1,875 mm in width, and 1,673 mm in height, Hyundai’s electric SUV is slightly smaller than the Tesla Model Y.
It recently underwent three consecutive crash tests among several other global evaluations, consistently outperforming benchmarks. Based on Hyundai’s E-GMP platform that powers nearly all Hyundai and Kia EVs, the Elexio has a CLTC driving range of up to 435 miles (700 km)
Hyundai is set to launch it in China in the third quarter of 2025. Prices have yet to be announced, but it’s expected to start at around 140,000 yuan ($19,500).
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2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
Time’s ticking for snagging a great EV lease deal. With the 25% tariff on imported EVs already in place and the federal tax credit disappearing on September 30, automakers are rolling out serious deals. If you’re thinking about going electric, now’s the moment. Here are some of the best August EV lease deals our friends at CarsDirect found.
2025 Honda Prologue at a Tesla Supercharger (Source: Honda)
2025 Honda Prologue lease from $159/month
Honda’s throwing down a wild lease deal on the 2025 Prologue if you’re in the right state. For a limited time, you can drive off in the all-electric SUV for the equivalent of just $200/month, but there’s a twist. Instead of monthly payments, Honda’s offering a rare One Pay Lease: you drop $4,800 upfront for a 24-month lease. That’s it. No monthly bills, and you save nearly 2% compared to standard rates.
If paying all at once isn’t in the cards, there’s still an option to pay $159/month for 24 months with $1,099 due at signing. Either way, the Prologue ranks among the cheapest new electric SUVs to lease right now.
There are some strings, though. These ultra-low prices are only available in California and other CARB states, and they include a $3,500 loyalty or conquest bonus, so you’ll need to be coming from a Honda lease or ready to ditch another brand.
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These deals rely on the EV lease loophole to pass through the $7,500 tax credit. Once that disappears on September 30, expect prices to jump. At that point, buying might make more sense than leasing.
Volkswagen just slashed the ID.4 lease – and it’s a big one. Right now, you can lease the 2025 ID.4 Pro RWD for just $129/month for 24 months with 10,000 miles a year. That works out to an effective cost of only $233/month, making it $264 less than it was before.
This isn’t just a good deal – it’s practically interest-free. The previous lease rate hovered around 1%, but now it’s basically 0%. On top of that, VW is stacking up to $9,250 in lease cash depending on which trim you pick. Even the base Pro RWD gets $7,500 in incentives. This deal only runs through August 31.
Hyundai just dropped one of the best EV lease deals of the summer. The refreshed 2025 Hyundai IONIQ 5 SE Standard Range is going for $149/month for 36 months (10,000 miles a year) with $3,999 due at signing. That brings the effective monthly cost to just $260 – a nearly $100 drop from July’s offer. This deal is available through September 2.
If you’ve got little wiggle room in your budget, the SE Long Range might be worth the upgrade at $189/month with the same upfront cost – only $40 more a month for a lot more range.
The 2025 Hyundai IONIQ 6 SE Standard Range is going for $169/month for 24 months (12,000 miles a year) with $3,999 due at signing. That pencils out to an effective cost of $336/month, and with the current lease cash, it’s a solid bargain.
Hyundai is offering up to $11,750 in lease cash on the IONIQ 6, plus an extra $1,000 Inventory Coupon if you lease a car that’s been sitting on the lot for 180+ days. That’s even more than July’s offer.
These offers are good through September 2, so if sleek, efficient, and affordable is your vibe, the IONIQ 6 is a solid choice.
The 2025 Subaru Solterra just became one of the most affordable EVs to lease. It’s going for $279/month for 36 months with just $279 due at signing. That brings the effective monthly cost to just $287, an incredible deal for an all-electric SUV with an MSRP pushing $40,000.
To put it in perspective: the 2025 Honda CR-V Hybrid has an effective monthly cost of $486. So yeah, the Solterra wins this round. This offer’s available through September 2.
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