TECH - Key Tesla-BYD Rival From South Korea Slashes EV Prices By As Much As $10000 To Stay Ahead In Home Turf | Benzinga
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.”
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The revised pricing includes a KRW 3 million ($2,250) discount ...