Who is buying the $111,000 Hyundai Ioniq 5 N electric car?

Hyundai Australia’s most expensive model hits showrooms, and has already made the brand $14 million in pre-orders.

Hyundai Australia has just launched its most expensive model to date – the 2024 Ioniq 5 N priced from $111,000 before on-road costs – and the brand is under no illusions that it might be a tough sell for local customers.

“We already have Palisades that retail to customers around $90,000, so yeah, it’s a little bit of a stretch up to $111,000,” Hyundai Australia director of product Andrew Tuitahi told Drive at the Ioniq 5 N’s local launch.

“But the performance, the features, the size of the car, I think justify the price point.”

Based on the initial 126 pre-orders, Mr Tuitahi said many buyers are coming from existing Hyundai N cars – as well as customers from other brands who are curious about one of the first high-performance electric cars without a luxury-car badge to reach Australian showrooms.

“It is wild and varied. We can only look at the customers thus far and we’re ranging from i30 N hatch owners at the moment, all the way through to guys that have multiple cars in their garage and are looking for that first fun electric car, and everything in between,” he said.

“We’ll see how that goes over time.

I’m sure that we’ll probably find that there’s a particular niche of buyers in the market that are coming in and checking it out, but certainly it’s varied right now.”

Regardless, Hyundai says it has plentiful stock of the Ioniq 5 N, depending on colour and configuration.

The only options, aside from exterior colour, available are matte paint for $1000 and a ‘Vision’ glass roof that adds $2000 to the asking price.

At the time of writing, the Hyundai website shows most configurations are “available for immediate delivery”, while sunroof-equipped versions in Ecotronic Grey, Atlas White Matte and Atlas Black have an expected wait of six to eight weeks.

Performance Blue and Cyber Grey models with a sunroof are listed for estimated delivery in April, while only Gravity Gold and Atlas White Matte models are said to incur a three-to-six-month wait time, according to the company’s website.

A new Ecotronic Grey Matte hue is due to enter production in May.

With 126 pre-orders already in the bank, the Ioniq 5 N has already netted Hyundai Australia nearly $14 million in revenue, but the company acknowledges is still too early to call the six-figure electric car a success.

“It’s hard to set expectations because it’s the first of its kind,” said Mr Tuitahi.

“The challenge is getting people to come in, experience the car, understand all the tech that we’ve built into the vehicle, actually elicit a proper emotion.

“It’s easy to shun some of that stuff and say ‘no I’m a real petrol head, I’m never going to like a virtual gearbox’, but the truth is, once you get into the car and experience it, it changes your perception.

“That’s going to be the key to unlocking that unlimited potential in the car.”

Hyundai Australia would not be drawn on the number of Ioniq 5 N vehicles allocated to the local market this year.

The post Who is buying the $111,000 Hyundai Ioniq 5 N electric car? appeared first on Drive.

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