Ionic 5 sold out in one day… Tesla fell on fire on his instep.

On the first day of the pre-contract, Hyundai Motor Company’s new electric car Ioniq 5 was virtually sold out. Ioniq 5 is the first electric vehicle to be equipped with E-GMP, an electric vehicle-specific platform that was introduced by Hyundai Motor Group for the global market.

Hyundai Motor Company announced on the 25th that 23,760 vehicles were contracted on the day the pre-contract was entered. This year’s sales in the domestic market were actually filled in one day. It is the largest in the history of domestic car sales, exceeding the record of Kia’s fourth-generation Carnival (23,006 cars) launched last year. Vehicles will be delivered from April.

Kwak Gyeong-rok, the sales manager of the Suwon West Branch, who won Hyundai Motors sales last year, said, “We can’t reveal the number of contracts, but many contracts have come in. We studied a lot of information and subsidies for Ioniq. Said. The industry predicts that the contract cancellation rate will not be high. Usually, the cancellation rate of new car pre-contracts is 20-30%, but the cancellation rate of Ioniq 5 is not expected to be high due to unprecedented consumer reaction.

Samsung Securities researcher Lim Eun-young said, “The reaction is more than expected,” and analyzed that “the factors such as favorable reviews for internal and external designs, new technologies such as fast charging, price competitiveness, and subsidies paid on a first-come, first-served basis. “It is evaluated as having competitiveness in the European and American markets in the future as it satisfies the eyes of Korean consumers, who are famous for being demanding.”

Tae-Bong Ko, head of the Research Center at Hi Investment & Securities, said, “It is meaningful that at the time of switching from an internal combustion locomotive to an electric car, we have confirmed consumer demand through pre-contracts of more than 20,000 units. It will also affect sales.” Ionic 6 and 7 are expected to be released in 2022 and 2023, respectively.

Ionic 5’s high number of pre-contracts was affected by subsidies for electric vehicles. This year, the government’s supply of electric vehicles is limited to 75,000 vehicles. If the turn is pushed back, the subsidy will not be received. This seems to be the reason why consumers respond quickly. The price of the IONIQ 5 long range is 52 million to 57.5 million won (based on individual consumption tax of 3.5%), but it will be lowered to 40 million to 450,000 won when receiving subsidies of 12 million won (based on Seoul city). Last year, Tesla Model 3 Long Range, the best selling electric car, has a price competitiveness of up to 10 million won compared to the actual purchase price of 49 million won (industry estimate) this year.

Last year, 31,298 electric vehicles were sold in Korea (based on Kaizuyu Data Lab). Among them, Tesla Model 3 accounted for 35% with 11,03 units. Ioniq 5 is highly likely to become the best-selling electric vehicle this year. Tesla Model 3 and Y, Kia CV (project name), and Volkswagen ID.4, which have to compete with Ioniq 5, are in a hurry. This is because if Ionic 5 is sold out, it will have to take a third of the government subsidy this year and compete for the rest.

The price of CV is still unknown. An industry official who requested anonymity said, “The propaganda of Ioniq 5, which has similar specifications to CV, will have a positive effect on CV sales. Will decide.” CV is scheduled to begin delivery in July after being released in April.

The fire fell on Tesla’s instep. Previously, Tesla opened the door for the first time in the Korean market to compete with the Ioniq 5 and CV by lowering the model 3 long range price by 4.8 million won to 59.9 million won. However, recently, the production of the Model 3 at the Fremont plant in the United States has been temporarily suspended, causing supply disruption. Foreign media such as Bloomberg reported that “Tesla is experiencing a shortage of automotive semiconductors.” Last month, the number of domestic Tesla sales was 18, which was a sharp decline from January (138), the same month last year.

Reporter Kim Young-joo [email protected]