Kia has found its answer to low-cost Chinese EV makers like BYD
Kia’s compact EV5 electric SUV is making a statement in the world’s largest EV market. With sales surging nearly 50% last year, the EV5 helped Kia sell over 200,000 vehicles in China for the first time in four years. The impressive growth ranked first among joint venture brands in the country.
How is Kia keeping up with the EV sales surge in China?
China has emerged as a global force in the auto industry as electric sales continue to surge. With another 1.38 million NEVs (EVs and PHEVs) sold in December, China crossed the 1 million mark for the fifth straight month.
According to the CPCA (via CnEVPost), China sold nearly 11 million new energy vehicles in 2024, an increase of 42% from 2023. That’s almost half the 22.88 million total retail passenger vehicles sold in the country last year.
Domestic EV makers like BYD are squeezing legacy automakers out of the market with ultra-low-cost EVs, like its Seagull, which starts at under $10,000 in China.
With rivals like Volkswagen and Toyota struggling to survive, Kia is taking on the competition head-on. After launching its new compact electric SUV in China in late 2023, starting at around $20,000, the EV5 pushed Kia to its best sales year since 2020.
According to Korea’s Newsis, Kia is seeing a full-on recovery in China thanks to its newest EV. Kia’s Chinese joint venture, Weda Kia, announced sales in China reached 248,259 in 2024, up 49.2% from the prior year.
Exports will ramp up in 2025
This marks the first time Kia’s sales in China crossed the 200,000 mark since 2020. The company said, “Last year’s sales growth rate ranked first among joint venture brands.”
After selling 26,550 vehicles in China last June, Kia sold over 20,000 units every month through the end of 2024. An industry insider said, “Kia’s business in China seems to have entered a normal phase.”
Kia’s joint venture turned its first profit in seven years in the third quarter of 2024. With new models rolling out, profits are expected to gradually increase.
A big part of the joint venture brand’s growth was the new EV5. In November, Kia expanded the EV5 lineup with a sporty new GT Line trim. The base EV5 starts at just 149,800 yuan, or around $21,000, with up to 329 miles (530 km) CLTC range. Powered by a larger (88.1 kWh) battery, the Long Range model is rated with up to 447 miles (720 km) range in China.
Kia plans for even more growth as exports ramp up. The company has been accelerating exports from China since last year, and so far, it seems to be working.
Weda Kia exports to 76 countries, including Australia, New Zealand, Brazil, Saudi Arabia, and Southeast Asia. The goal is to reach 80 countries with 180,000 annual exports.
Source: Newsis
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
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