Hyundai and Kia slash electric vehicle prices amid intensifying EV price war in home market
In an “EV Sale Fiesta,” Hyundai and Kia plan to cut prices on several electric vehicles amid an ongoing price war in Korea. The planned EV price cuts will run until the end of the year.
“We plan to prepare various discount programs to revitalize the domestic electric vehicle market in the future,” A Hyundai Motor Company official stated.
Hyundai announced its planned “EV Sale Fiesta” on Monday, offering special discounts for electric car buyers. The move comes as the South Korean government expanded subsidies to boost demand.
Several models are featured in the promo, including the IONIQ 5, IONIQ 6, and Kona EV. The deal includes 4 million won off (almost $3,000) on the IONIQ 5, 4 million won ($3,000) off the IONIQ 6, and 2 million won (nearly $1,500) off the Kona EV.
Including an additional government subsidy of 800,000 won, IONIQ 5 buyers can save up to 4.8 million won, or $3,500. The discount will make the EV much cheaper in South Korea, with starting prices of around 46 million won ($34,000).
Kia is running a similar deal with price cuts on the EV6 (3.84 million won/ $2,844 off) and Niro EV and Niro Plus models (1.44 million won/ $1,066).
If you add Kia’s monthly inventory discount, the EV6 is up to 4.84 million won ($3,600), while the Niro EV is up to 3.44 million won ($2,500). The Niro Plus is up to 4.44 million won ($3,300) off.
Hyundai and Kia cut prices as EV price war intensifies
Hyundai says it’s also expanding its ultra-fast EV charging network, “E-Pit,” boosting access to convenient charging.
As of Monday, Hyundai had a total of 214 E-pit charging stations spread throughout cities, highways, rest areas, and expressways.
The Hyundai official added, “In connection with the policy of expanding subsidies for the purchase of electric passenger vehicles, we have prepared a discount benefit to repay the support and love of our customers.”
Meanwhile, Kia said it plans to extend the benefits for the new Ray EV and flagship EV9 electric SUV.
Self-employed customers shipping EV9 models can gain member points that can be used to pay for one year’s worth of charging fees, amounting to 1 million won ($740) in savings.
Ray EV buyers can receive six months’ worth of charging fees worth 300,000 won ($222) through 150,000 won off the purchase price and another 150,000 won off for self-employed. The deals will run through the end of the year.
Hyundai and Kia’s latest price cuts come as EV sales growth slowed this year amid lagging economic growth, according to Lee Hang-Koo, head of Jeonbuk Institute of Automotive Convergence Technology (via Bloomberg).
EV sales in Korea slipped from 71,744 during the first eight months of 2022 to 67,654 this year. Korea’s new subsidies are designed to help stimulate demand.
Lee said, “A price war will intensify next year in Korea as foreign carmakers may release new models. US or European brands made in China could draw popularity.”
EV leader Tesla began selling its Model Y, made in China, for $44,000 in July, putting pressure on domestic automakers. Tesla’s Model Y was the best-selling car globally in the first three months of the year, making it the first EV to achieve the milestone.
Tesla’s aggressive price cuts this year are not only putting pressure on Hyundai and Kia but several major automakers in their home markets as buyers transition to all-electric options.
FTC: We use income earning auto affiliate links. More.
After going car-free on Central Park’s main drives in 2018, the NYC Department of Parks and Recreation has been preparing to wrap up a study on electric bike usage in Central Park. The results will help decide whether those electric bicycles will still be permitted inside the park.
A bill is now sitting in wait before the New York City Council that would ban the use of electric scooters and bikes with electric assist in any park in the city, including Central Park.
It follows a city pilot launched in 2023 to allow any bicycles, e-bikes, and e-scooters that are legal to operate in NYC streets to also ride on park drives, including the Central Park and Prospect Park loops. The pilot also allowed those e-bikes, bicycles, and e-scooters to ride on greenways such as the Brooklyn Waterfront Greenway.
A decision will be made this summer, though some e-bike proponents see hope in a recent statement from NYC Parks. “We are committed to ensuring our public spaces can safely accommodate the diverse ways that New Yorkers engage with them, including electric micromobility devices like e-bikes and stand-up e-scooters,” explained a spokesperson.
Feedback from the public has been requested, and those interested can share their opinion on e-bike use in Central Park and other greenways in the city.
While critics argue that e-bikes pose a safety risk to pedestrians and disrupt the slower pace of movements in parks, advocates counter that electric micromobility devices are essential for making green spaces more accessible, especially for older riders, people with limited mobility, and those using cargo bikes to transport children or groceries. As the city strives to promote car-free or reduced-car transportation and expand access to low-emission mobility, banning e-bikes in parks could be seen as a step backward.
Central Park, with its iconic loop and sprawling paths, has long been a haven for cyclists and joggers alike. But it’s also a key corridor for commuters and delivery workers who rely on e-bikes for their livelihoods. Restricting access could force more riders back onto congested streets, potentially increasing conflicts with cars and reducing the appeal of sustainable transportation options.
The final decision could set an important precedent for other cities grappling with the rise of electric micromobility. As e-bikes become more common and cities look to balance recreation with transportation, how New York navigates this issue could shape policy far beyond the park’s stone gates.
FTC: We use income earning auto affiliate links. More.
Environment
The EU wants to end all Russian gas imports. Moscow’s friends in the bloc say it’s a ‘serious mistake’
Environment
Tesla confirms it has given up on its Cybertruck range extender to achieve promised range
Tesla has confirmed it has given up on plans to make a Cybertruck range extender to achieve the range it originally promised on the electric pickup truck.
It started refunding deposits for the $16,000 extra battery pack.
When Tesla unveiled the production version of the Cybertruck in late 2023, two main disappointments were the price and the range.
The tri-motor version, the most popular in reservation tallies before production, was supposed to have over 500 miles of range and start at $70,000.
Tesla now sells the tri-motor Cybertruck for $100,000 and only has a range of 320 miles.
The dual-motor Cybertruck was supposed to cost $50,000 and have over 300 miles of range. In reality, it starts at $80,000 and has 325 miles of range.
However, Tesla had devised a solution to bring the range closer to what it originally announced: a separate battery pack that sits in the truck’s bed. Tesla called it a “range extender.” It costs $16,000 and takes up a third of the Cybertruck’s bed.
Even though the Cybertruck has been in production for a year and a half, the range extender has yet to launch.
Initially, Tesla said that it would come “early 2025”, but we reported in October 2024 that it was pushed to “mid-2025” late last year.
At the time, Tesla also reduced the range that the removable battery pack adds to the Cybertruck to “445+ miles” rather than “470+ miles” for the dual motor – a ~25-mile reduction in range.
Last month, Electrek reported that Tesla has quietly removed the range extender from the Cybertruck online configurator, where buyers could reserve it with a “$2,000 non-refundable deposit.”
At the time, we speculated that Tesla was most likely giving up on the product.
Sure enough, the automaker has now confirmed that it doesn’t plan to produce the range extender.
A Tesla Cybertruck owner contacted Electrek to share communication that Tesla started sending to Cybertruck owners who reserved the range extender, letting them know that the product is dead.
Tesla wrote in the email:
“We are no longer planning to sell the Range Extender for Cybertruck.”
The automaker says that it will start processing refunds for the deposits.
Here’s Tesla’s communication about the Cybertruck range extender in full:
Update to Your Cybertruck Range Extender Order
Hi [redacted],
Thank you for being a Cybertruck owner.
We are no longer planning to sell the Range Extender for Cybertruck. As a result, we will be refunding your deposit in full. The amount will be returned to the original payment method used for the transaction.
Thank you for your understanding.
The Tesla Team
Electrek’s Take
There could be many reasons why Tesla has given up on the product.
The range extender was confirmed to take 30% of the Cybertruck’s bed, and Tesla needed to install and remove it at a service center. Owners couldn’t remove them themselves. I think it was pretty much dead on arrival at $16,000.
But I think it could also be as simple as it’s not worth producing due to demand – both due to insufficient people reserving it and not enough Cybertruck buyers to create a market for the range extender.
Therefore, the range extender is dead for the same reason that the Cybertruck RWD now has the same battery pack as the AWD instead of a smaller pack for less money: the Cybertruck is a commercial flop, and it’s not a high-volume program enough to justify making several battery pack sizes, including a removable one.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway