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Kia Corporation (OTC:KIMTF) has announced a significant price cut for its EV6, EV9, and Niro EV models in South Korea, in a bid to bolster the adoption of electric vehicles.
What Happened: Kia revealed that it would be reducing the prices of its EVs by up to $10,000 (KRW 13.56 million) in South Korea, reported Electrek. This reduction is part of the “EV Festa” initiative, which aims to ramp up EV production and provide added incentives for potential buyers.
These adjustments are in line with the new government subsidies for electric cars. The company is offering substantial manufacturing discounts on some of its most popular EVs, including the EV6, EV9, and Niro EV.
A Kia official stated, “We have prepared special benefits in connection with government policy to expand the distribution of electric vehicles.”
See Also: Best Electric Vehicle Stocks
The revised pricing includes a KRW 3 million ($2,250) discount on the EV6, a KRW 3.5 million ($2,620) discount on the EV9, and a KRW 1 million discount on the Niro EV.
Additionally, Kia is offering significant price cuts for buyers in the Jeju Special Self-Governing Province, where local subsidies were recently introduced.
Why It Matters: The price slash by Kia comes in the wake of a new EV policy introduced by the South Korean government to support local automakers, including Hyundai Motor Company (OTC:HYMTF) and Kia. This policy was a response to the competitive threat posed by Tesla’s Model Y and Chinese automaker BYD Co.
Kia’s three-row electric SUV, the EV9, has been generating significant interest in the US market, with Kia expecting to sell around 2,000 units monthly.
Read Next: Tesla A ‘Partner’ And Not Competition, Says BYD — Chinese Firm Not Eyeing US Market Just Yet
Photo via Shutterstock
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