Kia surprisingly tops Hyundai in market value with affordable EVs rolling out
For the first time since 2001, Kia surpassed Hyundai in market value with new affordable EVs rolling out this year. Kia is now South Korea’s fifth most-valued stock at $31 billion (41.3 trillion won).
Kia surpasses Hyundai in market value
Hyundai, which saved Kia from bankruptcy in 1998, owns around a third of the South Korean automaker.
The Hyundai Motor Group was formed in 2000 after buying out Kia. In 2003, the first Hyundai Genesis arrived, and in 2015, the luxury brand became a standalone marque.
Kia’s stock is surging after announcing fourth-quarter earnings and 2024 guidance on January 25th. The plans include a KRW 500 billion ($376 million) share buyback plan and 3.2 million in sales (wholesale).
The automaker is targeting 3.4% operating profit growth and an operating profit ratio of 11.9% in 2024.
Despite a “difficult business environment” expected this year, Kia plans to keep the momentum up by launching new lower-cost EVs. Kia said it plans to “pursue sustainable growth by strengthening our leadership in the eco-friendly car market.”
Kia is launching price-competitive electric models, including the EV3, EV4, and EV5. The new low-cost EVs were revealed during Kia’s first EV day in October.
Affordable Kia EVs will charge up sales growth
Kia is in a good position to take advantage of the growing demand for affordable EVs, according to YongJin Jung, an analyst at Shinhan Securities.
Jung predicts Kia’s EV sales will grow another 50% this year to 270,000. As many rivals are pulling back EV guidance, 50% growth would make Kia a standout, Jung explained.
Kia’s new “EVs for all” vision includes models priced from $30,000 to $80,000. The new EV3, EV4, and EV5 will be priced between $20,000 and $50,000.
Kia already launched the EV5, a compact electric SUV to rival Tesla’s Model Y, in China last November. Starting prices were even lower than expected at around $21,000 (149,800 yuan).
The EV3 and EV4 concepts were introduced for the first time. The EV3 is an electric crossover based on the flagship EV9 but in a compact package. It features a bold design with Kia’s “Opposites United” theme. The EV3’s interior provides ample space with ergonomic seats and mood lighting.
Meanwhile, the EV4 is an “entirely new type of EV sedan.” It includes a low nose, sleek silhouette, and roof spoiler for a sports car sedan feel.
Kia also introduced its cheapest electric car yet, the new Ray EV, last summer in South Korea, starting at $20,000 (27.35 million won).
The new affordable EVs are a big reason why Kia topped Hyundai in market value. Kia sold 111,545 EVs in 2023, while Hyundai sold 158,110, according to data from BloombergNEF.
In the US, Kia launched a new Light Long Range trim for the 2024 EV6. The new variant starts at $45,950 (excluding dest.) with up to 310 miles range. Kia’s base EV6 starts at $42,600 with up to 232 miles range.
Electrek’s Take
While many rivals, including Ford, GM, VW, and Toyota, are pulling back on EV initiatives, Kia (and Hyundai) are surging ahead.
Kia believes its new affordable EVs will help accelerate sales, and investors are clearly on board. Hyundai, including Kia, has already overtaken Ford and GM to become the second-largest EV maker in the US behind Tesla.
The automaker just completed an eight-month transformation at its manufacturing plant in South Korea, its first plant upgrade dedicated to EVs.
Kia will produce new electric models, including the EV3 and EV4, at the facility. Once complete, the plant will be able to build 150,000 EVs annually.
The new electric models will play a key role as Kia aims to sell one million EVs by 2026. By 2030, Kia looks to sell 1.6 million EVs with a full electric lineup.
Source: Bloomberg
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Honda’s electric SUV took the US by storm, becoming the top-selling EV in the US outside of Tesla in the final three months of 2024. This year, Honda is making the Prologue even more attractive, upgrading it with over 300 miles of range. With 2025 Prologue models now arriving at dealerships, Honda wasted no time launching new deals this week.
2025 Honda Prologue EV deals and offers
After the first models were delivered last March, the Honda Prologue quickly became one of the best-selling electric vehicles in the US.
In the second half of 2024, the Prologue was the second best-selling electric SUV, trailing only the Tesla Model Y. This year, it boasts even more driving range and power.
Since Honda didn’t raise prices, it’s essentially a free upgrade (well, sort of). The 2025 Honda Prologue (2WD) now has a “top-class” EPA rating of 308 miles, up 12 miles from the outgoing model. It also packs 220 horsepower (+8) and 243 lb-ft of torque (+7).
The Prologue is still available in single-motor (2WD) and dual-motor (AWD) versions in three trims: EX, Touring, and Elite.
The AWD version now has a range of 294 miles (+13) for the EX and Touring trims and 283 miles (+10) for the Elite. It also now packs 300 horsepower (+12) and 355 lb-ft of torque (+25).
With DC fast charging speeds of up to 150 kW, the electric SUV can add 65 miles of range in around 10 minutes.
The 2025 Honda Prologue starts at $47,400, but with the $7,500 EV tax credit, prices could fall to under $40,000. And that’s for the EX single-motor version with up to 308 miles of range.
On Honda’s website, the 2025 Prologue is listed with a promotional rate of 2.99% APR for up to 60 months. Lease prices for the base model are not yet available, but the 2025 AWD EX is listed at $599 for 36 months with $4,299 due at signing.
Although the deals on the 2025 models are not nearly as good as the 0% financing and leases as low as $269 per month for the 2024 Prologue, Honda had to make up for the upgrades somewhere.
| Trim | Drive Configuration | Pricing | EPA Ratings | |||
| MSRP | After Federal EV Tax Credit | Plus $1,450 D&H |
Range Rating | MPGe Rating (City/Hwy/Combined) |
||
| EX | Single Motor (2WD) | $47,400 | $39,900 | $41,350 | 308 | 113 / 94 / 104 |
| EX | Dual Motor (AWD) | $50,400 | $42,900 | $44,350 | 294 | 108 / 90 / 99 |
| Touring | Single Motor (2WD) | $51,700 | $44,200 | $45,650 | 308 | 113 / 94 / 104 |
| Touring | Dual Motor (AWD) | $54,700 | $47,200 | $48,650 | 294 | 108 / 90 / 99 |
| Elite | Dual Motor (AWD) | $57,900 | $50,400 | $51,850 | 283 | 104 / 87 / 95 |
Honda is sweetening the deal with a charging package included in the Prologue’s price. You can choose from a free Level 2 home charger, a portable charging kit, or a $750 public charging credit.
The 2024 Honda Prologue is selling out fast with ultra-low lease and financing rates, while the 2025 model promises even more. Ready to try it out for yourself? You can use our link to find deals on the 2024 and 2025 Honda Prologue in your area today.
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In this photo illustration, the logo for the US tech firm “Block” is displayed and reflected in a number of digital screens on March 03, 2023 in London, England.
Leon Neal | Getty Images
With its stock down more than 30% this year and revenue growth slowing, Jack Dorsey’s Block is going bigger in lending.
The company on Thursday said it secured approval from the Federal Deposit Insurance Corporation to originate loans through its banking subsidiary, Square Financial Services, allowing it to offer small-dollar consumer loans directly rather than relying on external banking partners.
It’s an expansion of Cash App Borrow, the company’s short-term lending product. But it comes at a time of increased concerns surrounding consumer credit, with President Trump’s expansive tariffs and widespread government job cuts raising talk of a potential recession.
Transaction losses in Block’s lending segment jumped 39% last quarter, and while the company claims its underwriting model is strong, small-dollar lending is inherently risky.
“Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” Block said in the press release. The company added that the average Cash App Borrow loan was under $100 and about a month in duration.
Block didn’t immediately provide a comment.
In getting approval to operate the lending business out of its own bank, Block says it will be able to offer the product nationwide.
Last month, Block reported quarterly results that missed Wall Street expectations, with revenue growing just 4.5% from a year earlier. The stock plunged 18%, its worst one-day drop since 2020.
Around the same time, Block rolled out Afterpay, its buy now, pay later product, on the Cash App card. Chief Financial Officer Amrita Ahuja told CNBC that the launch aimed to provide customers with more credit options, and positioned Cash App as a banking alternative for some customers. Block acquired Afterpay, which competes with Affirm, for $29 billion in early 2022.
Also this week, Block announced a big investment plan in artificial intelligence.
The company said on Wednesday that it will deploy Nvidia’s AI systems with its latest Blackwell chips to power open-source AI research. Block didn’t say what specifically it’s looking to achieve through its AI buildout, but noted in the press release that it will “start exploring novel solutions for our customers.”
![Kia's first electric van looks even better in person [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Kias-first-electric-van-PV5-1.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Kia is launching its first electric van, the PV5, later this year. If you liked how it looked in pictures, wait until you see it in real life. A production PV5 was spotted in Korea for the first time, giving us a closer look at the futuristic van. See it for yourself in the video below.
Kia’s first electric van spotted in Korea
After teasing it for what seemed like forever, Kia finally took the sheets off the PV5 at its 2025 EV Day event last month.
With its hard-to-miss futuristic design, the PV5 is a near replica of the concept shown at CES last January. The mid-size electric van is set to kick off Kia’s new Platform Beyond Vehicle (PBV) strategy.
The PV5 will initially be available in Passenger, Cargo, and Chassis Cab setups, but with “unprecedented flexibility,” you can expect to see more options soon. Two of the first will be the PV5 Crew, with additional cargo securing options and a Wheelchair-Accessible Vehicle (WAV) version.
After that, Kia will follow it up with Drop Side, Box Van, Freezer, Box, and Prime variations. It plans to launch a Light Camper conversion.
With sales kicking off in the second half of 2025, Kia’s electric van was spotted in Korea for the first time without camouflage. A new video from HealerTV gives us a better idea of what to expect when the PV5 hits dealerships later this year.
The PV5 maintains its techy, almost ahead-of-its-time design. Two exterior body colors were shown: white and a darker grey or black. As the reporter notes, it actually looks like an upgrade from the concept.
Kia did what it could at the back so it didn’t look like a bus, giving it more of a rounded overall shape. You can see how it stands apart from most MPVs you see today.
Like the Volkswagen ID.Buzz, Kia’s PV5 looks more like a minibus. At 4,695 mm long, 1,895 mm wide, and 1,899 mm tall, Kia’s passenger electric van is slightly smaller than the European ID.Buzz model (4,712 mm long, 1,985 mm wide, 1,937 mm tall).
It will be available with 51.5 kWh and 71.2 kWh battery packs, good for up to 400 km (249 miles) WLTP range. The PV5 can also fast charge (10% to 80%) in about 30 minutes. In comparison, powered by an 84 kWh battery, the ID.Buzz now offers up to 293 miles WLTP range.
Kia will launch sales in Korea and Europe later this year, followed by other global markets in 2026. Pre-orders will open soon, so check back for prices.
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