Are the Korean auto giants facing slowing sales? Hyundai and Kia are offering generous incentives globally, resulting in price cuts worldwide. In some markets, discounts can reach nearly $17,000.
Hyundai Motor, including Kia, has launched aggressive sales promotions this month in six of its biggest global markets: North America, Europe, Asia-Pacific, the Middle East, and Central and South America.
The discounts apply to some of its top-selling EVs, including the IONIQ 5 and SUVs like the Tucson and Santa Fe.
According to the Korea JoongAng Daily, Hyundai and Kia cut prices by up to 23 million won, or nearly $17,000 in some regions.
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The promotions vary depending on the market. For example, in Serbia, Hyundai is offering up to 15,000 euros ($17,500) off the IONIQ 5 and IONIQ 6 models. In Thailand and Chile, discounts reach as high as 12 million won ($8,900) and 17.8 million won ($13,100), respectively.
Why is Hyundai offering such significant discounts? The report suggests that it could be all due to the new 25% US auto tariffs on imported vehicles, Hyundai’s largest market.
2025 Hyundai IONIQ 5 (Source: Hyundai)
After the tariffs were introduced, Hyundai and Kia reportedly told regional leaders to “increase sales by 10% in other regions.” A local report this week claimed Hyundai was temporarily pausing production of the IONIQ 5 and Kona EV at one of its plants in Korea due to slowing sales.
2026 Kia EV9 (Source: Kia)
What about the US?
In April, Hyundai launched its “Customer Assurance” program, promising not to raise vehicle prices in the US until June 2. The program has since been extended until July 7.
Although Hyundai is expected to hike prices following the window, the company denied the rumors, saying no decision has been made yet.
Several automakers have already announced plans to raise vehicle prices in the US, including Toyota, Ford, and Jeep maker Stellantis.
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
About 24% of Hyundai and Kia vehicles sold last year were in the US, making it a priority to protect prices. Although 60% of them were exported from Korea in 2024, Hyundai is ramping up local production to mitigate the blow.
After celebrating the grand opening of its new EV plant in Georgia, Hyundai kicked off production of its first three-row electric SUV, the IONIQ 9.
2026 Hyundai IONIQ 9 (Source: Hyundai)
The larger electric SUV joins the updated 2025 IONIQ 5, which Hyundai has been building at the facility since last year.
Once up and running, the Hyundai Motor Group Metaplant America (HMGMA) is expected to have an annual production capacity of 300,000 units. If necessary, the output can be expanded to approximately 500,000.
2025 Hyundai IONIQ 5 Trim
EV Powertrain
Driving Range (miles)
Starting Price*
Monthly lease price June 2025
IONIQ 5 SE RWD Standard Range
168-horsepower rear motor
245
$42,500
$179
IONIQ 5 SE RWD
225-horsepower rear motor
318
$46,550
$199
IONIQ 5 SEL RWD
225-horsepower rear motor
318
$49,500
$209
IONIQ 5 Limited RWD
225-horsepower rear motor
318
$54,200
$309
IONIQ 5 SE Dual Motor AWD
320-horsepower dual motor
290
$50,050
$249
IONIQ 5 SEL Dual Motor AWD
320-horsepower dual motor
290
$53,000
$259
IONIQ 5 XRT Dual Motor AWD
320 horsepower dual motor
259
$55,400
$359
IONIQ 5 Limited Dual Motor AWD
320-horsepower dual motor
269
$58,100
$299
2025 Hyundai IONIQ 5 prices and range by trim (*includes $1,475 destination fee)
After Hyundai cut lease prices again in June, the 2025 IONIQ 5 is now listed starting at just $179 per month. The three-row 2026 IONIQ 9 is available to lease starting at just $419 per month with up to $13,000 in discounts. Kia is currently offering up to $12,500 off its three-row EV9.
Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger with the purchase of any new 2026 IONIQ 9 or 2025 IONIQ 5 until the end of the year.
Looking to take advantage of the savings? We can help you get started. You can use our link to find Hyundai and Kia’s electric vehicles in your area.
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Solar provided over 10% of total US electrical generation in April, wind and solar produced almost one-quarter, and the mix of all renewable energy generated nearly a third, according to data just released by the US Energy Information Administration (EIA).
Solar set new records in April and the first third of 2025
EIA’s latest monthly “Electric Power Monthly” report (with data through April 30, 2025), which was reviewed by the SUN DAY Campaign, confirms that solar continues to be the fastest-growing source of US electricity.
In April alone, electrical generation by utility-scale solar (>1 MW) increased by 39.3% while “estimated” small-scale (e.g., rooftop) solar PV increased by 11.8%. Combined, they grew by 31.3% and provided 10.7% of US electrical output.
Utility-scale solar thermal and PV expanded by 42.4% while that from small-scale systems rose by 11.4% during the first third of 2025 compared to the same period in 2024. The combination of utility-scale and small-scale solar increased by 32.9% and was almost 7.7% of total US electrical generation for January-April, up from 6.1% a year earlier.
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As a result, solar-generated electricity easily surpassed hydropower output, at 6.0%. In fact, solar is now producing more electricity than hydropower, biomass, and geothermal combined.
Wind is still the renewable energy leader
Wind turbines produced 12.6% of US electricity in the first four months of 2025. Their output was 5.9% greater than the year before.
In April alone, wind provided 13.9% of US electricity supply, essentially equal to the share provided by coal.
Wind and solar now outproduce coal and nuclear
During the first third of 2025, electrical generation by wind plus utility-scale and small-scale solar provided 20.3% of the US total, up from 18.5% during the first four months of 2024. In just the month of April, solar plus wind accounted for 24.6% of US electrical output.
During the first four months of this year, the combination of wind and solar provided 20.2% more electricity than did coal, and 13.8% more than US nuclear power plants. In April alone, the disparity increased significantly when solar + wind outproduced coal and nuclear power by 77.1% and 40.2%, respectively.
Renewables are closing in on natural gas
The mix of all renewables (wind and solar plus hydropower, biomass, and geothermal) produced 10.3% more electricity in January-April than they did a year ago (9.7% more in April alone) and provided 27.7% of total US electricity production compared to 26.3% 12 months earlier.
Electrical generation by the combination of all renewables in April alone reached a new record and provided 32.8% of total US electrical generation. Moreover, renewables are now approaching the share provided by natural gas (35.1%), whose electrical output actually dropped by 4.4% during the month.
For perspective, five years ago, in April 2020, the mix of renewables provided 24.4% of total electrical generation while natural gas accounted for 38.8%.
Consequently, the mix of renewables has further strengthened its position as the second largest source of electrical generation, behind only natural gas, with the gap closing rapidly.
Ken Bossong, the SUN DAY Campaign’s executive director, noted:
Solar is now the fastest-growing major source of electricity and is generating more than hydropower, biomass, and geothermal combined, while wind plus solar provides more electricity than either coal or nuclear power, and the mix of all renewables is nearly matching the output of natural gas.
Yet, the Trump administration and the Republican Congress are seeking to pull the rug out from underneath renewables in favor of dirtier and more expensive fossil fuel and nuclear technologies. What are they thinking?
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Kia’s upcoming EV4 GT is gunning for the Tesla Model 3 Performance, but it’s expected to undercut the price. Could this be the affordable electric sports car we’ve been waiting for? A new video shows the Kia EV4 GT driving on US streets ahead of its debut.
Kia EV4 GT is testing in the US ahead of its debut
After launching it in Korea in April, some are already calling Kia’s first electric sedan “a box office hit.” The EV4 was the best-selling domestic electric sedan in Korea in May, its second month on the market.
Kia’s electric sedan starts at just 41.92 million won, or around $30,000 in Korea. When it arrives in the US and Europe, the entry-level EV is expected to start at about $35,000 to $40,000 (€35,000).
With its sleek, fastback silhouette, the EV4 already looks like a sports car, making it an ideal candidate for a high-performance upgrade. All the EV4 needs is a little added power. Don’t worry, Kia plans to turn up the heat very soon.
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We caught our first glimpse of the interior earlier this month after a prototype was spotted outside of a Kia facility in Korea.
A new video is giving us a closer look at the Kia EV4 GT being tested in the US for the first time. The video from the folks at KindelAuto reveals a few design elements you can expect to see, like Kia’s vertical LED headlights with its signature Star Map lighting.
Although it’s still covered, you can expect to see Kia’s new Tiger Face grille design, which aligns with its latest electric models, including the EV9 and EV3.
Kia EV4 GT-Line (Source: Kia)
We will have to wait until closer to launch for final prices and specs, but like Kia’s other GT vehicles, the EV4 GT is expected to feature an AWD dual-motor powertrain.
It will sit under the EV6 GT, which boasts 576 hp, enabling a 0 to 60 mph sprint time of 3.4 seconds. Will the smaller EV4 GT top it? With recent advancements in battery and powertrain technology, it wouldn’t be a surprise.
Kia EV4 GT-Line (Source: Kia)
Kia will launch the EV4 in the US later this year with an EPA-estimated driving range of up to 330 miles. Additionally, it will feature a built-in NACS port, allowing it to recharge at Tesla Superchargers. With the base model expected to start at around $35,000, the high-performance GT variant could cost around $50,000 to $55,000.
In comparison, the Tesla Model 3 Performance starts at $54,990 with an EPA-est range of 298 miles. It can also accelerate from 0 to 60 mph in just 2.9 seconds.
Would you pick the Kia EV4 GT for around $50,000, or are you sticking with the Tesla Model 3 Performance? Got a better option in mind? Drop us a comment below.
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Xiaomi has confirmed receiving over 200,000 real orders for its Tesla killer, the YU7, in just three minutes. We are referring to actual orders, with a soon-to-be non-refundable deposit.
Today, Xiaomi launched its second vehicle, the YU7, coming just four years after establishing its EV division and less than a year after introducing its first car, the SU7.
At the launch event, CEO Lei Jun was not shy about making comparisons to Tesla.
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While the CEO praised the automaker for its leading efficiency and ADAS system, Lei Jun released a series of slides that favorably compared the YU7 to the Model Y.
It started with a comparison of the entire dimensions of both vehicles (image translated via Google):
Xiaomi’s CEO then claimed that the new YU7 had a significantly quite cabin with much less road noises than Tesla’s best-selling SUV (image translated via Google):
In my first drive of the YU7, I did note that the cabin was ultra quiet and demonstrated it briefly in my Youtube video about the new electric SUV:
The double-panned acoustic glass all around helps with that, but the vehicle’s suspension is also optimized for noise, as well as active noise cancellation throughout the car.
Xiaomi also claimed that the vehicle, especially its electro-shading sunroof, was able to keep the cabin much cooler in extreme heat than Tesla’s Model Y (image translated via Google):
Lei Jun even shared a tweet that he posted about challenging Tesla Model Y’s best-selling crown and then truly went on the attack with pricing.
Ahead of today’s event Xiaomi had already shared a lot of information about the YU7, but pricing was the last significant piece of the puzzle.
The CEO decided to release with a direct comparison of each variant to Tesla’s own Model Y variant, and it was pretty brutal.
The base YU7 starts at just 253,500 RMB (equivalent to $35,300 USD) – 10,000 RMB less than Tesla, and it offers more than 200 extra km in range (image translated via Google):
As for the YU7 Pro, it starts at 279,900 RMB (equivalent to $39,000 USD), more than 30,000 RMB less than Tesla’s Model Y Long Range and it also compares quite favorably on the main features, including range (image translated via Google):
Finally, the YU7 Max was announced at 329,900 RMB (equivalent to $46,000 USD), 25,000 RMB less than Model Y Performance, and the specs are not even close:
With these incredibly favorable comparisons to Tesla’s best-selling SUV, it’s not surprising that Xiaomi has received record demand for the YU7.
It reported having received over 200,000 orders for the new electric vehicle within 3 minutes of opening orders at 10PM local time on Thursday.
It’s also important to note that these orders represent a genuine show of interest. This is not a Cybertruck situation where Tesla claimed to have over 1 million reservations, but ended up only selling about 50,000 units.
People ordering the vehicle need to place a 5,000 RMB (~700$) deposit, which only remains refundable for a few days before the order becomes locked in.
Xiaomi has already started production of the YU7 and made units available for delivery (with configurations limited to those pre-arranged by their designers) for almost immediate delivery.
Electrek’s Take
It’s hard to overestimate just how much this shook up the industry. At an average sale price of $40,000, that’s about $8 billion in sales that Xiaomi booked in 3 minutes.
I would expect the tally to increase past 400,000 in the coming days, and it will likely lock up a significant portion of potential buyers in the segment, particularly Model Y, for an extended period.
Tesla was already experiencing problems in China and had to offer record incentives to maintain its sales, but it will now face even greater challenges in the second half of the year.
I expect that Tesla will quickly launch its lower priced stripped down Model Y to try to help demand following this beating.
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