Hyundai IONIQ 5 is becoming a top seller off the lot as dealers prep for EV growth
Hyundai dealerships are modernizing as the brand looks to build upon its growth in the EV market this year. Hyundai’s IONIQ 5 is already a top seller at some dealers. With new electric models rolling out, like the three-row IONIQ 7 SUV, Hyundai has the “whole gamut covered.”
Hyundai’s IONIQ 5 is a top-selling EV
“If I had to describe Hyundai right now in two words, it would be growth and investment,” Kevin Reilly, chairman of the Hyundai National Dealer Council, explained (via Automotive News).
Reilly said that after selling his first Hyundai in 1987, he’s watched the brand evolve over the years. And right now, Hyundai is in a “period of substantial year-over-year growth.” Hyundai closed out the year on a strong note with its 17th consecutive month of YOY sales growth.
The South Korean automaker sold nearly 269,000 EVs last year as Hyundai extended its position in the market. Hyundai’s dedicated EVs, including the IONIQ 5, are quickly becoming top sellers.
Hyundai expects the growth to continue, with around 300,000 EVs sold this year. In the US, Hyundai’s largest sales market, the automaker (including Kia), blew past Ford and GM to become the second top-selling EV brand in 2023.
Hyundai’s IONIQ 5 electric SUV was the sixth top-selling EV in the US last year, climbing from seventh the year before.
Investing in EV growth
Now, dealers are doubling down with “healthy demand for EVs,” according to Reilly. Reilly, whose dealership is about two miles outside of Washington DC, sees around 20 to 25% EV sales mix, with the IONIQ 5 as the top-selling electric model.
The dealership is in a “very EV-centric market,” says Reilly, compared to the average sales mix of around 7.5% to 8%.
Although the spike in EV sales may not stay on its current slope forever, Reilly predicts “it’s going to be still a rapid adoption.” As Reilly explained, “Once a customer gets in an EV and starts driving it, there’s almost no chance they’ll go back to an ICE vehicle.”
Hyundai and its dealers are investing heavily “across every aspect,” Reilly said. The company marked its one-year anniversary since breaking ground on its $5.5 billion EV and battery mega plant in Georgia in late October. Hyundai said 99.9% of the foundation work was complete.
The automaker expects it to become operational ahead of schedule as soon as the third quarter. Once complete, the facility will build six models across the Hyundai, Kia, and Genesis brands.
Hyundai’s new facility will have the capacity to build around 300,000 EVs annually as the brand looks to extend its leadership in the market.
One of the biggest reasons for the expected growth is Hyundai’s first three-row electric SUV – the IONIQ 7. Hyundai’s IONIQ 7 will sit alongside the Palisade as a “family-mover.” Reilly expects “that car will do extremely well for families who want an EV but still need the room to manage the family and their daily needs.”
The IONIQ 7 will round out Hyundai’s lineup with the “whole gamut covered,” according to Reilly.
Electrek’s Take
As Hyundai continues investing in the future, rivals like Ford and GM have moved in the opposite direction, opening the door for the brand to extend its lead.
Hyundai is accelerating the development of its first EV and battery plant in the US as it looks to take advantage of a growing market with unique, dedicated electric vehicles.
Ford is pushing back around $12 billion in EV spending, while GM already delayed the production of its Chevy Equinox, Silverado RST, and GMC Sierra Denali EVs.
What do you guys think? Can Hyundai extend its lead over other legacy automakers this year?
Are you ready to join the movement? Hyundai is offering some of its best deals so far on its top-selling EVs, including up to $15,000 off the IONIQ 5. You can use our link to find great deals on the 2024 Hyundai IONIQ 5 at a dealer near you today.
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On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.
Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.
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Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.
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The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.
The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.
These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.
The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.
Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:
Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.
In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.
The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.
Read more: The US reaches milestone of 200,000+ public EV charging ports
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Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.
The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.
During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.
Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.
The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.
Kia’s new EV4 is now testing in the US
Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.
The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.
Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).
Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.
The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.
Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.
We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.
Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?
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