Hyundai Ioniq 5 Sales Increased Slightly In October

In October, Hyundai Motor America sold 60,604 cars in the US – about 7% more than a year ago. This positive monthly result allowed Hyundai to further improve the year-to-date tally, although it remains below last’s year level at 588,902 (down 8%).

Sales of the all-electric Hyundai Ioniq 5 amounted to 1,579 last month, which is slightly better than in September and August, but nowhere near the nearly 3,000 level noted a few times earlier this year.

Compared to the total Hyundai volume, the Ioniq 5 represents a 2.6% share – also a bit more than in the previous two months.

So far this year, Hyundai Ioniq 5 sales in the US exceeded 20,000 (about 3.4% of the total volume) and the South Korean model remains on track to about 25,000 this year.

It’s very difficult to even forecast what the future will hold for the Hyundai Ioniq 5. The company recently announced a $1,500 price increase for the 2023 model year version of the Ioniq 5, while at the same time in 2023, it might no longer be eligible for the $7,500 federal tax credit.

On top of that, the South Korean manufacturer appears to be constrained in terms of Ioniq 5 production or at least general E-GMP models.

The Hyundai Ioniq 5 is the first model based on the Hyundai Motor Group’s E-GMP platform, used also by the Kia EV6 and Genesis GV60. Next year, it will be joined by the Hyundai Ioniq 6, which recently set an amazing presale record of 37,446 preorders on the first day in South Korea.

The long-term EV future of the brand appears to be very promising as the Hyundai Motor Group announced a large $5.54 billion investment in a new dedicated all-electric vehicle factory and an EV battery gigafactory.

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Unfortunately, the official stats do not include the sales results of other all-electric or plug-in hybrid models (Kona Electric, IONIQ Electric, IONIQ Plug-In, Santa Fe PHEV and Tucson PHEV), as they are counted together with conventional or non-rechargeable hybrids.

The hydrogen fuel cell model – Hyundai Nexo – noted 30 units (down 52%) and 375 year-to-date (up 9%). There is not much progress in the FCEV segment and there is a big chance that sales of the Nexo in 2022 will be lower than in 2023 (430).