The Hyundai Ioniq 5 Is Capturing Many Customers From Competing Brands | Carscoops

      Over 74 percent of Ioniq 5 sales were gained from other brands.

      Nearly three-quarters of Ioniq 5 purchasers are transitioning to Hyundai from a different brand.

      This model boasts a 22 percent higher conquest win rate compared to other Hyundai vehicles.

      Cadillac’s Lyriq SUV is also attracting customers, though the Toyota bZ4X is performing poorly in this regard.

      If the striking design, remarkable technology, and robust performance of the Ioniq 5 led you to view Hyundai differently, you’re not the only one. Recent data indicates that the model has enabled the Korean automaker to draw thousands of consumers away from other manufacturers.

      According to data from S&P Global Mobility analyzing electric vehicle trends from January to October 2024, over 74 percent of Ioniq 5 sales originated from competing brands. This statistic places the Ioniq 5 nearly 22 percentage points ahead of the average Hyundai model regarding brand conquest rates.

      Cadillac’s Lyriq has also made significant strides, with nearly 73 percent of its buyers switching from other automakers, representing a 16 percentage point improvement over Cadillac's overall average.

      Conversely, while some models from various brands have a lower outright conquest rate than the Lyriq and Ioniq 5, they are noteworthy for significantly outperforming their brand's other offerings.

      For instance, the Mustang Mach-E and Ford F-150 Lightning illustrate this point. Although Ford’s overall conquest rate is the lowest at under 37 percent, both the Mach-E and Lightning achieve at least 21 percentage points higher in terms of conquests.

      Not all electric vehicles in the conquest rankings proved more effective than their internal combustion engine (ICE) counterparts in attracting customers from rival brands. The Porsche Taycan’s conquest rate of 61.2 percent appears strong until it's noted that this figure is 0.3 percentage points lower than the average for Porsche.

      The Toyota bZ4X, on the other hand, ranks poorly at the bottom of the list, with only 33.5 percent of its electric SUV buyers being new to the brand, which is a 7 percentage point decrease from its 40.5 percent average win rate. The bZ4X's twin, the Subaru Solterra, is just slightly above it, boasting a 45.3 percent conquest rate, which is a considerable improvement. Both the bZ4X and Solterra have less power and range compared to other EVs like the Ioniq 5, and it seems that potential buyers are indeed aware of these drawbacks.

      Comparison of Conquest Rates to Brand Average.