Hyundai IONIQ 5 is becoming a top seller off the lot as dealers prep for EV growth

Published

1 year ago

January 29, 2024

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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.

Hyundai's-IONIQ-5-top-seller — Hyundai IONIQ 5 (Source: Hyundai)

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.

Hyundai-IONIQ-7-electric-SUV — Hyundai IONIQ 7 concept (Source: Hyundai)

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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Environment

Hyundai and Kia invest in WeaveGrid to power smarter EV charging

Published

3 hours ago

January 29, 2025

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Hyundai and Kia invest in WeaveGrid to power smarter EV charging

Hyundai and Kia have invested in WeaveGrid, a software company that enables rapid EV adoption on the grid, following Toyota’s earlier backing.

WeaveGrid’s tech helps EVs charge in a way that’s smart and grid-friendly while keeping vehicle data secure. Its EV Management System (EVMS) gives utilities tools to manage EV charging efficiently. The platform also supports vehicle-to-grid (V2G) capabilities, which let EVs send power back to the grid when needed. A key part of WeaveGrid’s approach is its AI-powered system, called DISCO, which optimizes charging to keep the grid stable.

Hyundai’s investment signals that the company is taking grid-interactive EVs seriously. Keith Noh, VP at Hyundai Motor Company, said, “Our software-defined EVs require a sophisticated platform that can securely manage vehicle data, optimize charging patterns, and strengthen the grid. WeaveGrid’s technology allows us to turn our vehicles into dynamic energy resources that can communicate intelligently with the electric grid, creating value for drivers, utilities, and the broader energy ecosystem.”

As EV adoption accelerates in the US, one of the biggest challenges is making sure the grid can handle the growing demand. WeaveGrid’s software is designed to help solve that problem, making EV charging more efficient while supporting a cleaner, more resilient energy system.

Apoorv Bhargava, CEO of WeaveGrid, said that having Hyundai and Kia on board alongside Toyota shows the auto industry is moving toward a common goal: integrating EVs with the grid in a secure, efficient way. “With our solutions already deployed with some of the largest utilities in the country, we’re establishing the foundation for how hundreds of millions of EVs and the grid will work together.”

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Environment

US solar trade body sets a bold target of 700 GWh of battery storage by 2030

Published

4 hours ago

January 29, 2025

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US solar trade body sets a bold target of 700 GWh of battery storage by 2030

The Solar Energy Industries Association (SEIA) has announced a target of 700 gigawatt-hours (GWh) of total installed battery storage capacity and 10 million distributed storage installations by 2030.

The targets are part of a new whitepaper, “SEIA’s Vision for American Energy Storage,” that analyzes the economic and energy security imperative of a strong US battery storage sector. The whitepaper outlines policy recommendations to open markets for storage development, build financial support, grow a domestic storage supply chain, and progress long-duration storage technology.

The SEIA is also releasing a new 50-state guide to energy storage policies at the state level.

“Expanding energy storage capacity is a crucial means of ensuring our nation’s energy security and resilience,” said SEIA president and CEO Abigail Ross Hopper. “As demand for energy soars, storage helps turn quick-to-build, low-cost solar generation into clean, dispatchable power, ensuring our grid can adapt to challenges, support critical infrastructure, and deliver reliable power to every community.”

According to Wood Mackenzie, there are 83 GWh of installed energy storage capacity in the US, including nearly 500,000 distributed storage installations. Current forecasts show that US storage capacity is expected to reach 450 GWh by 2030, falling short of the capacity required to support US energy needs.

The whitepaper calls on states, regional transmission organizations, and the federal government to take action to accelerate storage deployment and manufacturing. These actions include:

Preserving the federal tax credit for standalone storage
Ensuring equal grid access and fair compensation to storage for grid services
Reforming interconnection processes to account for storage flexibility
Establishing affordable retail rates for storage charging
Supporting domestic manufacturing with targeted trade policies and streamlined permitting
Implementing state-level procurement programs
Emphasizing investments in low-income communities, including areas disproportionately impacted by extreme weather and poor air quality
Investing in further development of long-duration storage

“The US storage market is at an inflection point, but with the mix of policy support and private, state, and federal collaboration, we can achieve SEIA’s storage targets while creating jobs and ensuring reliable, around-the-clock power for every home and business in this county,” said Joan White, SEIA’s director of storage and interconnection.

Access the whitepaper and learn more about SEIA’s energy storage advocacy work here.

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