Hyundai Ioniq 5 And 6 Are Profitable; Company 'Studying' Range Extenders, CEO Says

Randy Parker, Hyundai Motor America's CEO, says the Korean automaker wants to offer options but is "all-in on EVs."

Suppose you happen to be the sort of person who worries about Hyundai's profit margins when you can't sleep at night. In that case, the automaker's American CEO doesn't want you to be too concerned about the bottom line when you see aggressive zero-down, $239-a-month lease deals on the electric Ioniq 6 sedan. 

"We don't sell cars that are not profitable," Hyundai Motor America's CEO Randy Parker told InsideEVs in a wide-ranging interview today at the New York Auto Show. "That's a big strategy strategy of ours. We don't sell cars at losses."

It's a fair question to ask, given how many automakers are losing money on EVs, especially ones sold at more mainstream, below-luxury prices. Parker's answer is especially interesting considering the lease price of a base Ioniq 6 SE—at least until the start of April—makes it about the cheapest new vehicle to lease in the U.S. But it works, Parker said, because both the Ioniq 6 and Ioniq 5 models are profitable. 

"The market has gotten a lot tougher in 2024," Parker said, alluding to the rate of EV adoption proving to be slower than many automakers initially expected. "Our deals are basically a consequence of just being competitive in the marketplace. We know we've got a great product. But we also know that consumers are looking for affordability, especially when it comes to EVs."

Parker added, "We came up with this lease to ensure we didn't lose our sales momentum."

[Read the rest at InsideEVs]