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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With its tire-blistering acceleration and record-setting performance, the Xiaomi SU7 Ultra has been getting attention throughout the auto industry, impressing everyone who’s seen it. That “everyone” now seems to include the OG supercar brand, itself.
CarNewsChina posted pictures from a Weibo user that reportedly show a Xiaomi SU7 Ultra exiting the storied Ferrari factory in Maranello, Italy. According to a Chinese blogger going by 西米露在博洛尼亚 (which seems to translate to “Sago Dessert in Bologna”), the prancing horse brand is actively benchmarking the Chinese hypercar for its own upcoming EV.
The SU7 Ultra was definitely coming from inside Ferrari’s facility. After verification, we learned this specific vehicle was officially purchased by Ferrari for testing, and the development of their next-generation electric platform.
Yet another Chinese auto blogger, 苏黎世贝勒爷, claims that Ferrari representatives visited Xiaomi headquarters last year, allegedly to discuss the joint development of next-generation high-performance EV motors.
The Xiaomi SU7 Ultra made its debut last year, promising 1,548 hp, sub 2.0-second 0-60 mph times, and a top speed well over 200 mph – all at a price lower than a Tesla Model S Plaid or Porsche Taycan Turbo GT. The car sold out almost immediately after it was unveiled, racking up some 50,000 orders almost overnight.
The new electric benchmark
In the automotive world, “benchmarking” is a process in which car companies systematically tear down each others’ competitive products to compare everything from sound insulation, vehicle ride and handling, component materials, and even manufacturing methods against their own or against other industry leaders. The goal is to evaluate performance, cost, quality, and other key metrics, effectively figuring out “where they stand” in the market.
If Ferrari really did buy an SU7 to benchmark it against their own upcoming electric supercar, it’s more than just a curiosity – it could mean that the highest tiers of automotive innovation have shifted from West to East. Maybe forever.
Featured image via Xiaomi; sources throughout the post.
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We’re finally getting our first teases of the upgraded 2027 Chevy Bolt, built on GM’s battery/motor platform formerly known as Ultium. So far, so good for the vehicle, which will be revealed later this Fall.
Chevy took to social media today to tease the 2027 Chevy Bolt, saying, “You asked, we listened. The #ChevyBolt is back and better than ever. More this fall. 👀”
Chevy ended the original Bolt program with the 2023 model, which was loved by a loyal group of customers (including myself). Some of the major gripes, including charging speed and rear brake lights, already look to be addressed. Also, a new more aggressive fascia is debuting.
Electrek’s take
GM has done an incredible job keeping the 2027 Bolt under wraps. It will be the first GM vehicle with a native NACS port after the Cadillac Optiq-V, which we spied in Seattle last week.
Hopefully, the new Bolt will have improved charging speeds over and above the 54kW that previous Bolts adhered to. One possible downgrade is that the old Bolt’s amazing wireless CarPlay/Android Auto system will likely be replaced by GM’s move to Android’s built-in experience. For a few years, the Chevy Bolt was the most affordable long-range EV, and it won our 2022 Electrek car of the year for its versatility and price.
I would, of course, like to see the new Bolt as a hot hatchback, but GM CEO Mary Barra has hinted that it will likely take more of the EUV’s SUV form factor. Things like AWD options, SuperCruise, pricing, power and range are yet to be revealed, but stay tuned to Electrek for the latest on Bolt developments.
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On today’s test-acular episode of Quick Charge, it’s a new day and a new Chinese ADAS test for Tesla to conquer – but this one’s got a LOT more pedestrian carnage to parse through! We’ve also got some great e-bike deals from Retrospec and a bladder-busting Hyundai.
Today’s episode is brought to you by Retrospec – the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure! To that end, we’ve got a pair of Retrospec e-bike reviews followed up by the updated Hyundai IONIQ 6 with nearly 350 miles of range from its updated long-range battery. With that, Hyundai now has the longest range Korean EV on the market, while Texas is adding megawatts of battery energy storage to beef up its troubled grid, and it’s doing so faster and cheaper than ever before.
Plus: Quick Charge listeners can get an extra 10% off the price of their next awesome e-bike by using code ELECTREK10 at retrospec.com!
Source Links
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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