Kia is slowing EV9 output in the US despite a hot sales start: Here’s why
Kia is hitting the brakes on production of its first three-row electric SUV in the US. Despite the EV9’s successful debut, new concerns about the EV tax credit are reportedly causing Kia to scale back — at least for now.
After another record-breaking US sales month in October, Kia said the impressive growth is driven by “strong demand” for its electrified lineup.
Kia sold over 69,900 vehicles last month, up 16% from the previous record in October 2023. Electric vehicles (EVs) led the growth, with sales surging 70% year over year (YOY). Plug-in hybrid (PHEV) and hybrid (HEV) sales were up 65% and 49%, respectively.
One of the biggest factors behind Kia’s growing sales numbers is the addition of its first three-row electric SUV, the EV9.
After delivering the first models last December, Kia has already sold nearly 18,000 EV9s in the US through October. That’s even more than its first dedicated electric vehicle, the EV6, with around 17,700 models sold through the first ten months of 2024.
Despite the early success, Kia reportedly plans to slow output due to new concerns over the federal EV tax credit.
Kia slowing EV9 output in the US over EV tax credit rules
According to The Korea Herald, Hyundai Motor Group is slowing Kia EV9 output at its new $7.6 billion EV manufacturing plant in Georgia.
After kicking off production at its massive new Hyundai Motor Group Metaplant America (HMGMA) just last month, EV9 output is already being put on the back burner.
Industry sources said Hyundai produced just 21 EV9s in the third quarter. Only one of those was sold in the US. Meanwhile, Kia is still selling an average of 1,800 EV9 models each month.
Most EV9 models, even those for the US, are still built at Kia’s manufacturing plant in Korea. In addition, SK On manufactures its battery cells in China.
Because of this, the three-row electric SUV only qualifies for a partial $3,750 tax credit. “The EV9 is ineligible to benefit from the full IRA benefits due to the battery issue, along with other factors, including price,” A Kia official explained.
Although EV9 prices start at around $55,000, premium trims, like the GT-Line model, cost upwards of $80,000, which exceeds the IRA threshold for SUVs and pickups ($80,000).
| 2025 Kia EV9 Trim | Starting Price* |
| Light Standard Range | $54,900 |
| Light Long Range | $59,900 |
| Wind | $63,900 |
| Land | $69,900 |
| GT-Line | $73,900 |
Hyundai is fast-tracking production at its battery cell plant in GA with SK On to gain compliance. The plant is expected to have a 35 GWh annual capacity, enough for over 500,000 EVs. The Korean automaker is building another battery plant with LG Energy in GA with an expected 30 GWh annual capacity.
With President-elect Trump’s transition team reportedly planning to kill the EV tax credit, things could get more complicated next year.
“Reducing the EV subsidy could effectively end benefits for foreign automakers with US facilities,” Kim Pil-su, a car engineering professor at Daelim University, explained. If this is the case, Kia will likely need to boost incentives.
Kia’s EV9 is already among the most discounted EVs in the US. According to Motor Intelligence, EV9 average discounts reached over $18,000 this summer.
The company is currently offering $7,500 in Customer Cash, a $1,500 offer for Tesla owners and lesseees, and an up to $1,000 Season of New Traditions Retail Cash Bonus.
With the new 2025 EV9 hitting dealerships, Kia is offering clearance prices on 2024 models. We can help you take advantage of the savings. You can use our link to view deals on 2024 and 2025 Kia EV9 models at a dealer near you.
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Enbridge is going big on solar again in Texas, and Meta is snapping up all the solar power it can get.
Last month, Electrek reported that the Canadian oil and gas pipeline giant just launched its first solar farm in Texas. Now it’s given the green light to Clear Fork, a 600 megawatt (MW) utility-scale solar farm already under construction near San Antonio. The project is expected to come online in summer 2027.
Once it’s up and running, every bit of Clear Fork’s electricity will go to Meta Platforms under a long-term contract. Meta will use the solar power to help run its energy-hungry data centers entirely on clean energy.
The solar farm project’s cost is around $900 million. Enbridge says it expects Clear Fork to boost the company’s cash flow and earnings starting in 2027.
Enbridge EVP Matthew Akman said the project reflects “growing demand for renewable power across North America from blue-chip companies involved in technology and data center operations.”
Meta’s head of global energy, Urvi Parekh, added that the company is “thrilled to partner with Enbridge to bring new renewable energy to Texas and help support our operations with 100% clean energy.”
Meta’s first multi-gigawatt data center, Prometheus, is expected to come online in 2026.
Clear Fork is part of a growing trend: tech giants like Meta, Amazon, and Google are racing to lock down renewable energy contracts as they expand their fleets of AI-ready data centers, which use massive amounts of electricity.
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A fully electric Japanese electric pickup truck? It’s not a Toyota or Honda, but Isuzu’s new electric pickup packs a punch. The D-MAX EV can tow over 7,770 lbs (3,500 kg), plow through nearly 24″ (600 mm) of water, and it even has a dedicated Terrain Mode for extreme off-roading. However, it comes at a cost.
Meet Isuzu’s first electric pickup: The D-MAX EV
After announcing that it had begun building left-hand drive D-MAX EV models at the end of April, Isuzu said that it would start shipping them to Europe in the third quarter.
By the end of the year, Isuzu will begin production of right-hand drive models for the UK. Sales will follow in early 2026.
Isuzu announced prices this week, boasting the D-MAX EV features the same “no compromise durability” of the current diesel version.
The D-MAX EV pickup features a full-time 4WD system, a towing capacity of up to 3.5 tons (7,700 lbs), and an added Terrain Mode, which Isuzu says is designed for “extreme off-road capability.” With 210 mm (8.3″) of ground clearance, Isuzu’s electric pickup can wade through up to 600 mm (24″) of water.
Powered by a 66.9 kWh battery, Isuzu’s electric pickup offers a WLTP range of 163 miles. With charging speeds of up to 50 kW, the D-MAX EV can recharge from 20% to 80% in about an hour.
The electric version is nearly identical to the current diesel-powered D-Max, both inside and out, but prices will be significantly higher.
| Isuzu D-Max EV specs and prices | |
| Drive System | Full-time 4×4 |
| Battery Type | Lithium-ion |
| Battery Capacity | 66.9 kWh |
| WLTP driving range | 163 miles |
| Max Output | 130 kW (174 hp) |
| Max Torque | 325 Nm |
| Max Speed | Over 130 km/h (+80 mph) |
| Max Payload | 1,000 kg (+2,200 lbs) |
| Max Towing Capacity | 3.5t (+7,700 lbs) |
| Ground Clearance | 210 mm |
| Wading Depth | 600 mm |
| Starting Price (*Ex. VAT) | £59,995 ($81,000) |
Isuzu’s electric pickup will be priced from £59,995 ($81,000), not including VAT. The double cab variant starts at £60,995 ($82,500). In comparison, the diesel model starts at £36,755 ($50,000).
The EV pickup will launch in extended and double cab variants with two premium trims: the eDL40 and V-Cross. Pre-sales will begin later this year with the first UK arrivals scheduled for February 2026. Customer deliveries are set to follow in March.
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In this photo illustration, Claude AI logo is seen on a smartphone and Anthropic logo on a pc screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)
Sopa Images | Lightrocket | Getty Images
OpenAI and Anthropic continue to lead a fundraising bonanza in artificial intelligence, raising historic rounds and stratospheric valuations.
But when it comes to finding AI exits for venture firms, the market looks a lot different.
AI startups raised $104.3 billion in the U.S. in the first half of this year, nearly matching the $104.4 billion total for 2024, according to PitchBook. Almost two-thirds of all U.S. venture funding went to AI, up from 49% last year, PitchBook said.
The biggest deals follow a familiar theme. OpenAI raised a record $40 billion in March in a round led by SoftBank. Meta poured $14.3 billion into Scale AI in June as part of a way to hire away CEO Alexandr Wang and a few other top staffers. OpenAI rival Anthropic raised $3.5 billion, while Safe Superintelligence, a nascent startup started by OpenAI co-founder Ilya Sutskever, raised $2 billion.
While Meta’s massive investment into Scale AI amounted to a lucrative exit of sorts for early investors, the overarching trend has been a lot more money going in than coming out.
In the first half, there were 281 VC-backed exits totaling $36 billion, according to PitchBook. That includes the roughly $700 million acquisition of EvolutionIQ, an AI platform for disability and injury claims management, by CCC Intelligent Solutions, and the public listing of Slide Insurance, which builds AI-powered insurance offerings for homeowners. Slide is valued at about $2.3 billion.
“The dominant exit trend right now is frequent but lower-value acquisitions and fewer IPOs with significantly higher value,” said Dimitri Zabelin, PitchBook’s senior research analyst for AI and cybersecurity.
CoreWeave’s IPO, which took place at the very end of the first quarter, was the exception on the infrastructure side. The stock shot up 340% in the second quarter, and the company is now valued at over $63 billion.
Zabelin said the pattern of more investments in applications with smaller deals has been in place for the past year.
“Vertical solutions tend to plug more easily into existing enterprise gaps,” Zabelin said.
The acquisitions wave is being driven, in part, by what Zabelin calls bolt-on deals where larger companies buy smaller startups to enhance their own future valuations, hoping to enhance their value ahead of a future sale or IPO.
“That also has to do with the current liquidity conditions in the macro environment,” Zabelin said.
Outside of AI, activity is slow. U.S. fintech funding dropped 42% in the first half of the year to $10.5 billion, according to Tracxn. Cloud software and crypto have also seen sharp pullbacks.
Zabelin said IPO activity could pick up if economic conditions improve and if interest rates come down. Investors clearly want opportunities to back promising AI companies, he said.
“The appetite for AI, specifically vertical applications, will continue to remain robust,” Zabelin said.
— CNBC’s Kevin Schmidt contributed to this report.
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