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Hyundai Motor and Kia Motors are set to give huge discounts for their electric vehicle models in the United States. The South Korean automakers will offer their EVs for lower prices - up to $7,500 markdown rates.
Hyundai Motor and Kia Motors agreed to lower the prices of all of their electric vehicles sold in the region. The discount is the same amount as the subsidy exclusively granted to EVs made in the U.S. under the Inflation Reduction Act (IRA), as per Hankyung News.
Strategic Price Cut Move
Hyundai Motor Group reportedly decided to grant a “subsidy” to both Hyundai and Kia customers not covered by the IRA benefits. The company expanded the incentive previously only available to commercial vehicles to offer big discounts to buyers. Now, the incentives include EV models bought by individuals.
The parent company of Hyundai and Kia did better than Ford in 2023 and ranked second in the U.S. electric vehicle market. It is now planning to triumph over the slowdown in demand and continue to move upward through aggressive marketing, starting with a substantial discount offering at the beginning of this year.
Intensified EV Price War
With Hyundai and Kia’s decision to give significant discounts for their EVs to American buyers, the price war has intensified in the electric vehicles industry. This is because Tesla and Volkswagen have also slashed their prices. It was reported that Volkswagen AG initially refused to join the war, but last week, it cut prices of its EVs in Europe by up to 30%.
Meanwhile, for customers who will buy the 2024 Models of the IONIQ 5 & 6 and Kona Electric, up to $7,500 discount awaits them in the U.S. Then again, the price discount is a limited-time offer that will be available until the end of this month only.
Korea’s M Today reported that Kia North America is offering cashback from $3,000 to $7,500 for its 2023 and 2024 models of EV6 and Niro. The perk could be availed until March 4.
Photo by: Hyundai Motor Group/Unsplash
