Ordering a Hyundai Ioniq 5

[BlueSky]

Hi folks, wondering if anyone else has had a similar experience. We paid a deposit and ordered a new Ioniq 5 from a Hyundai dealership back in February. There was only one vehicle available in the type we wanted, although several available in a different spec at that point. We were ordering a specific car, is my point. We were told at the time to expect delivery in April or May. In April we were told it would be here by July. Today, we were told that the entire order is cancelled, all the Ioniq 5's that had allegedly been shipped months ago. No car at all. I understand about delays worldwide etc. but it seems peculiar to me that the dealership says that Hyundai have suddenly cancelled all existing orders. They say we can place a new order for a new type of Ioniq 5, arriving next January, higher price, lower spec. I've never ordered a new car before so I've no idea what the expectation should be here.
Anyone else in the same position?
I cant see any reference online to Hyundai having cancelled the entire backlog of orders placed in 2022. Feeling a bit suspicious that maybe what's happening is that the dealership has got a better offer for the car we ordered?!

 

[Pinoy adventure]

Now that you say that I have a family member who is in the very same position with Hyundai cancelling there order within the last week.

 

[Mocame]

I booked a test drive of an Ioniq 5 a couple of weeks ago and the salesperson said we couldn't take a deposit from me because he can't even order any.

 

[huskerdu]

Have a look at the ioniq thread on boards.ie. It seems to have happened loads of people

 

[BlueSky]

Have a look at the ioniq thread on boards.ie. It seems to have happened loads of people

Thanks a million for the heads up. I just read that thread now and at least am reassured that it seems to be happening countrywide. Not that that's a good thing but it's a Hyundai thing.

 

[peemac]

Its not just Hyundai. VW are quoting mid 2023 as the earliest for a new car.

Also, note the dearth of advertising for car brands compared to normal years. So less marketing spend, no promotions and higher prices = higher margins and higher share prices

 

[ryaner]

VM said back in May that they had sold out of all electric cars for the rest of the year across all their brands - https://www.ft.com/content/96b7acaf-7984-4eab-83d7-940aa4ca20d4

Given the rate of inflation and other supply issues, I'd be surprised if any of them are taking hard deposits.

 

[Leo]

So less marketing spend, no promotions and higher prices = higher margins and higher share prices

The car industry make their money on volume. Supply issues this year are hammering most manufacturers, and their share prices.

 

[Blackrock1]

same happened with the Q4 etron from audi.

 

[Peanuts20]

It's not unique to Hyundai. I know someone who had a similar issue with Land rover.

One of the core reasons for the delays is the worldwide shortage of microchips, partially as a result of lockdown( especially in China), partially as a result of fires and other issues at some chip manufacturing plants in Japan, Malyasia and the US and partially as a result of shortages of silicon. Most car manufacturers have reduced productions and/or shuttered it at some stage in the last 18 months.

Semiconductor chip shortage: how has car production been affected?

Wondering why a shortage of microchips is having a big impact on car production? Read on to find out.

www.carwow.co.uk

 

[peemac]

The car industry make their money on volume. Supply issues this year are hammering most manufacturers, and their share prices.

VW found out that less cars at a higher price gives more profits and are continuing along this road.

VW to scrap dozens of models to focus on profitability

‘People’s car’ pioneer will prioritise more expensive vehicles such as its Audi and Porsche models

www.ft.com

 

[Peanuts20]

VW found out that less cars at a higher price gives more profits and are continuing along this road.

VW to scrap dozens of models to focus on profitability

‘People’s car’ pioneer will prioritise more expensive vehicles such as its Audi and Porsche models

www.ft.com

Interestingly, that's exactly what a Toyota dealer said to me as well. That then drives up the price of good 2nd hand cars also

 

[Leo]

VW found out that less cars at a higher price gives more profits and are continuing along this road.

VW to scrap dozens of models to focus on profitability

‘People’s car’ pioneer will prioritise more expensive vehicles such as its Audi and Porsche models

www.ft.com

Given that the range reduction hasn't even started to take effect yet, it's a bit early to say they 'found out' at this point. The market didn't welcome the news too enthusiastically with the share price just now regaining a losing streak since the announcement.

You stated that lower marketing and promotion costs this year would mean higher profits and a higher share price, that doesn't look to be the case.