Kia’s Ray EV racks up 6,000 pre-orders in Korea, starting at $20,400
Kia launched its new entry-level urban EV on Thursday. As its cheapest electric model, the Kia Ray EV racked up 6,000 pre-orders in Korea with a starting price of around $20,400 (27.35 million won).
As demand for affordable all-electric options continues climbing, Kia is bringing back the Ray EV.
The Ray EV was Kia’s (and Korea’s) first 100% electric production car, introduced in 2011. As a close relative to the gas-powered Ray CUV, the model “marked a new era in Korean motoring.”
However, the mini electric car was discontinued in 2018 amid the nation’s lack of charging infrastructure and the vehicle’s limited range (86 mi / 139 km).
Electrek first heard Kia was planning to revive the Ray EV after an official told the Korean Economic Daily the new model “is the best choice for customers waiting for an entry electric minicar.”
Kia Ray EV pre-orders exceed 2023 target
Pre-orders for the new Ray EV began on August 24, and today, Kia revealed it has gathered over 6,000 interested customers.
Kia says the number already exceeds its target of 4,000 for the entire year by 50%. Powered by a 35.2 kWh LFP battery and improved aerodynamics, the new Ray EV achieves up to 127 miles (205 km) of range. When traveling in the city, the figure bumps up to 144 miles (233 km).
Although it may not seem like a lot compared to new EVs in the US, the Ray EV is designed for city travel. It takes around 40 minutes to charge from 10% to 80% with a 150 kW fast charger.
The Ray EV’s electric motor has a maximum output of 64.3 kW (86 hp) and 147 N m of maximum torque. Again, it may seem tiny in the US, but those numbers are 15% and 55% higher than the ICE version, respectively.
Inside, all seats can be folded flat, creating a spacious open-air environment. A dedicated “utility mode” enables electric devices, like air conditioning and audio, to be used while not driving for extended periods. The feature can be used for work, camping, resting, and more.
The new Kia Ray EV starts at 27.35 million won ($20,400) for the 1-seater variant. Other options include:
| Kia Ray EV trim | Cost | USD |
| 4-seater | Light: 27.75 million won Air: 29.55 million won |
$20,700 $22,000 |
| 2-seater | Light: 27.45 million won Air: 27.95 million won |
$20,500 $20,850 |
| 1-seater | Light: 27.35 million won Air: 27.80 million won |
$20,400 $20,700 |
The launch comes as automakers and startups are releasing cheaper electric models to grab market share.
With around 80% of the auto market in Korea, the Hyundai Motor Group, including Kia and Genesis, looks to protect its share from incoming competitors like cheaper EVs from China.
Nissan’s Sakura electric mini car looks like a “game changer” for the Japanese market, starting at 2,333,100 yen ($16,000). Nissan announced at the end of July that Sakura gathered over 50,000 pre-orders.
Industry sources predict the new Ray EV will help boost South Korea’s minicar segment, forecasting it will be a top-ten best-selling car.
Kia is expanding its lineup with plans to offer an EV in every segment, including the Niro EV, EV6, EV9, EV5, and expected EV4.
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The Trump administration is shutting down EV chargers at all federal government buildings and is also expected to sell off the General Services Administration‘s (GSA) newly bought EVs.
GSA, which manages all federal government-owned buildings, also operates the federal buildings’ EV chargers. Federally owned EVs and federal employee-owned personal EVs are charged on those 8,000 charging ports.
The Verge reports it’s been told by a source that plans will be officially announced internally next week, and it’s seen an email that GSA has already sent to regional offices about the plans:
“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission-critical.”
The GSA is working on the timing of canceling current network contracts that keep the EV chargers operational. Once those contracts are canceled, the stations will be taken out of service and “turned off at the breaker,” the email reads. Other chargers will be turned off starting next week.
“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service.”
Colorado Public Radio first reported yesterday that it had seen the email that was sent to the Denver Federal Center, which has 22 EV charging stations at 11 locations.
The Trump/Elon Musk administration has taken the GSA’s fleet electrification webpage offline entirely. (An archived version is available here.)
The Verge‘s source also said that the GSA will offload the EVs it bought during the Biden administration, although it’s unknown whether they’ll be sold or stored.
Read more: Trump just canceled the federal NEVI EV charger program
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Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023.
Joseph Nair | Bloomberg | Getty Images
Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.
The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.
“Please rest assured that all other cold wallets are secure,” Ben Zhou, CEO of Bybit, posted on X. “All withdrawals are NORMAL.”
Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, according to Elliptic. That includes the $611 million stolen from Poly Network in 2021 and the $570 million drained from Binance in 2022.
Analysts at Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.
“We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges,” said Tom Robinson, chief scientist at Elliptic, in an email.
The breach immediately triggered a rush of withdrawals from Bybit as users feared potential insolvency. Zhou said outflows had stabilized. To reassure customers, he announced that Bybit had secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.
The Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of bitcoin. As law enforcement agencies and crypto tracking firms work to trace the stolen assets, industry experts warn that large-scale thefts remain a fundamental risk.
“The more difficult we make it to benefit from crimes such as this, the less frequently they will take place,” Elliptic’s Robinson wrote in a post.
WATCH: Crypto stocks plunge
Environment
Ford Mustang Mach-E is heavily discounted, you can even lease it for less than a Toyota Camry
Ford is offering big savings opportunities right now on its electric vehicles. The Ford Mustang Mach-E can be leased for less than a Toyota Camry in some places despite costing over $10,000 more. Here’s how you can snag some savings.
Ford’s Mach-E is cheaper to lease than a Camry right now
With over 51,700 models sold in 2024, Ford’s Mustang Mach-E was the third best-selling EV in the US behind the Tesla Model Y and Model 3.
The electric Mach-E even outsold the gas-powered Mustang for the first time last year. To keep up with new models like the Honda Prologue and the 2025 Hyundai IONIQ 5, Ford introduced big discounts at the start of the year.
Ford extended its “Power Promise” program in January, offering all EV buyers a free Level 2 home charger. The company will even cover the cost of standard installation. If you already have a home charger, Ford will give you a $1,000 charging credit.
According to online car research firm CarsDirect, the savings don’t stop there. Through March 31, the 2024 Ford Mustang Mach-E can be leased for as little as $229 for 24 months in Southern California.
With $4,329 due at signing, the effective cost is just $409 per month. The deal is for the base 2024 Mach-E Select with an MSRP of $39,995 and includes a $7,750 lease cash bonus.
In comparison, the 2025 Toyota Camry Hybrid LE (MSRP $28,400) is listed at $299 for 39 months and $3,598 due upfront, for an effective rate of $391 per month.
Although that’s slightly less than the Mach-E, if you factor in Ford’s other incentives, it’s actually much cheaper. In addition to the $1,000 charging credit, Ford is offering current Tesla owners $1,000 in conquest bonus cash, which can be applied to the purchase or lease of a new vehicle.
The $2,000 in savings brings the effective monthly lease rate to just $326 per month. That’s even $10 cheaper than a 2025 Toyota Corolla LE with an MSRP of just $22,325, or over $17,500 less than the Mustang Mach-E.
Alternatively, Ford is offering the 2024 Ford Mustang Mach-E for 0% APR for 72 months plus $2,500 in bonus cash.
Ford also introduced new incentives on the F-150 Lightning last week. The 2024 F-150 Lightning now features a nationwide 0% financing for 72 months offer with additional savings of up to $5,000 off MSRP.
The new Flash trim now features an up to $3,000 retail cash bonus, XLT and Lariat trims get up to $4,000, and the Platinum model gets a $5,000 bonus.
Ford’s electric pickup is eligible for the $1,000 Tesla Conquest bonus and public charging credit offer. Ram owners can snag an extra $2,000 from a serperate conquest program.
If you’re ready to test drive Ford’s electric vehicles for yourself, we can help you get started. You can use our links below to find Ford F-150 Lightning and Mustang Mach-E models at a dealer near you.
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