Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
In a recent move to stay competitive in the burgeoning EV market, Hyundai Motor Co-owned (OTC:HYMTF) Kia has significantly ramped up the discount on its 2024 EV9 models, offering customers a hefty $5,000 cash rebate.
What Happened: As reported by Electrek on Tuesday, Kia has chosen to amplify its discount on all 2024 EV9 models. This follows the automaker’s decision to open EV9 orders in November with a starting price tag of $54,900.
The first three-row electric SUV from Kia has seen a warm reception, with 2,726 units sold in the U.S. within the first two months of the year. After implementing price cuts in its home market, Kia has now introduced a new discount on the 2024 EV9 in the US.
According to a memo dispatched to dealers, Kia is now offering $5,000 in customer cash on all 2024 EV9 trims, a 33% increase from the previous $3,750 offer. With this discount, the EV9’s starting price could potentially drop to $51,395. Furthermore, Kia is also offering a $1,000 loyalty discount, which could lead to potential savings of up to $6,000.
Despite Kia’s plea to dealers to avoid markups, several have already hiked prices by up to $7,000 over MSRP due to high demand.
The new EV9 discount emerges as rivals, including Ford and Nissan, have announced similar strategies to remain competitive in the expanding EV market.
Why It Matters: This move by Kia comes in the wake of a new EV policy introduced by the South Korean government, aimed at supporting domestic automakers like Kia and Hyundai while countering the competitive threat posed by Tesla's Model Y and Chinese giant BYD Co.
In February, Kia announced substantial price cuts for its EV6, EV9, and Niro EV models in South Korea as part of the "EV Festa" initiative. This initiative aims to ramp up EV production and provide added incentives for potential buyers.
Read Next: Tesla’s LA Supercharger Installs First Movie Screen For Drive-In: Will Doge Payments Be Accepted?
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