Successful sales of the Hyundai Ioniq 5 in Europe in September came as no surprise. Demand for the model is consistently high, and its price is competitive.
The Hyundai Ioniq 5 is a new electric crossover that has a good start on the European market. In September alone, sales of the Ioniq 5 totaled 3,633 vehicles. For comparison, the once-best-selling Nissan LEAF EV was purchased by 3,188 people in Europe last month.
Since the beginning of the year, the Hyundai Ioniq 5 sales volume in Europe has exceeded 9,000 units, according to JATO Dynamics. These figures point out that the electric model started well on the European continent.
There is no big surprise in this success. Strong demand for Hyundai’s electric crossovers could have been predicted early this year. Then Hyundai Europe reported that since the opening of the order books for the Ioniq 5 on February 23, the company had registered a record 236,000 reservations. This is comparable with the interest in the new-generation Tucson when it debuted in 2020.
Moreover, all 3,000 Ioniq 5s from the Project 45 pilot batch was booked within 24 hours, and there were three times more applicants. However, all this was in February and before the mass sales began.
It’s clear that today it is early to talk about the long-term prospects of the Hyundai Ioniq 5 in Europe. At the same time, there is a really high and stable consumer interest.
Prices and competitors of the Hyundai Ioniq 5 in Europe
In Germany, the Hyundai Ioniq 5 costs from 41,900 euros, in France – from 41,100 euros. Main rivals, the Volkswagen ID.4 and the Skoda Enyaq iV, are significantly cheaper – from 37,415 and 33,800 euros, respectively (prices in Germany). There is a fairly simple explanation for this difference.
The base Ioniq 5 is equipped with a 72.6-kWh battery. The ID.4 with a 77-kWh battery costs 44,915 euros. The aforementioned €37,415 version has a smaller 52-kWh battery.
As for the Skoda Enyaq iV, the situation is similar here. The Enyaq iV 50 version with a 52-kWh battery costs from 33,800 euros. However, the price of the Enyaq iV 80 with a 77-kWh battery starts at 44,570 euros.
Simply put, the Hyundai Ioniq 5 is comparable in price to the competitors, but it doesn’t have a cheaper version. Not yet… Electric vehicles still remain expensive mainly because of their batteries.
It’s worth adding that the Ioniq 5 performs well in terms of safety: it earned the maximum 5 Stars in the latest Euro NCAP crash tests.
Summing up, we can conclude the following:
- The Hyundai Ioniq 5 has great prospects in Europe.
- Europeans are switching to electric vehicles.
- The cost of electric vehicles remains high.