Kia cuts EV6, EV9 prices by up to $10K in South Korea to ignite demand

Kia cuts EV6, EV9 prices by up to $10K in South Korea to ignite demand

In a strategic initiative aimed at bolstering consumer interest, South Korean automaker Kia Motors Corporation has disclosed substantial price reductions for its electric models, including the EV6, EV9, and Niro EV. Announced at the recently unveiled "EV Festa" in South Korea, the strategic decision of price cuts is believed to have come in response to the latest government subsidies for electric cars, aiming to enhance the accessibility of EVs and accelerate the pace of transition from conventional vehicles to sustainable mobility.

Under the EV Festa program, the automaker is offering impressive manufacturing discounts on its popular all-electric models. The EV6’s price has been reduced by KRW 3 million (approx. $2,250), while the price of the EV9 has been slashed by KRW 3.5 million (approximately $2,620). The Niro EV has received a price cut of KRW 1 million (approximately $748.5). Combined with available government subsidies, these reductions contribute to a significant overall drop in the purchase prices of these EVs.

For instance, in Jeju Special Self-Governing Province, the new prices with subsidies for the EV6 Long Range (LR) model (2WD 19") is now KRW 39.04 million ($29,300), down from the original KRW 52.6 million ($39,500), representing a major KRW 13.56 million ($10,200) difference. Similar cuts apply to the EV9 and Niro EV, reflecting the company’s strategic effort to make electric cars more accessible to a broader consumer base.

To further support the adoption of EVs, the Korean automaker is offering some additional benefits, including charging discounts and deferred payment options. Small business owners and those in specific sectors purchasing the Bongo EV (a battery electric pickup truck) are also eligible for charging discounts or purchase price cuts. Kia is also facilitating ownership by introducing deferral rates of up to 60 per cent for 36 months and a maximum of 45 per cent for 48 months when using a Hyundai M series card.

While these measures are directed at the South Korean market, Kia’s efforts to promote electric mobility extend worldwide. In the U.S., the recently launched the EV9, the brand’s first electric three-row SUV, has started gaining traction, with more than 2,500 units delivered in the last two months. Priced under $55,000, the EV9 is positioned as a competitive option in the large e-SUV segment, signaling the brand’s firm commitment to driving the automotive industry's shift towards EVs.

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