The Hyundai Ioniq 5 is performing better than even the company that makes it anticipated, especially when it comes to winning over customers from more expensive brands, according to the carmaker’s European chief, Michael Cole, quoted by the British publication Autocar.

Speaking to the European outlet about Hyundai’s gamble with the higher pricing of the Ioniq range and whether there’s a limit to how premium a future model could be pitched, Cole said: “Our experience with Ioniq 5 would almost suggest no. It’s brought such a rich conquest mix, and it’s probably a higher ratio of customers from premium brands than we’d anticipated. There is not necessarily a limit.”

Traditionally seen as a mass-market brand, Hyundai managed to upsell its first electric SUV to a price level rarely seen before in the brand’s portfolio. For reference, a base Hyundai i30 starts at £21,510, while the Ioniq 5 is double the price, with an RRP of £43,150, according to the company’s United Kingdom website.

Gallery: 2023 Hyundai Ioniq 5: 2022 Star Awards

The Korean marque is also selling the Ioniq 6 electric saloon, which is even more expensive than the aforementioned SUV, and plans on releasing a bigger model soon, known as the Ioniq 7, which will once again go up the ladder in terms of pricing.

“With Ioniq 7 there was a bit of hesitation a year ago prior to Ioniq 5 about whether it was a car for Europe – but after the success of the Ioniq 5, we now 100 percent think it’s a car that we can sell in Europe, and we will capture some premium brand customers with it,” Hyundai’s European boss added. ”Brand loyalty doesn’t seem to be as strong in EVs.”

However, as per Autocar, the Korean manufacturer is staying away from repositioning its entire lineup as a premium or luxury offering, at least for the moment: “We want to keep the customer base we’ve got, we’re not trying to change our whole outlook, but we believe we can reach a whole new customer as well with EVs.”

In Europe, the retro-futuristic electric SUV was sold in more than 31,000 units between January-November of 2022. In the United States, Hyundai sold almost 23,000 units of the Ioniq 5 last year and managed to move over 17,000 units in the first two months of this year.